Two-Family Home in Canarsie,
For Sale
$825,000
Pending
1450 E 98th St, Brooklyn, NY 11236
Well-maintained two-family home with finished basement in Canarsie.
Property Size1,512 SF
Lot Size0.05 Acres
Days on Market258
Property Features for 1450 E 98th St
General Information
Standard status
Pending
Size
1,512 SF
Lot size
0.05 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$5,810
Building Details
Building Size
1,512 SF
Year Built
1925
Stories
2
Listing Agency:
Bergen Basin Realty
(718) 787-4110
Listed By:
Lee S Wasserman
(718) 787-4110
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 8
Last Checked: Aug 8 at 12:58PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Bergen Basin Realty
Investment Insights
Based on property information with market context.
Located in the Canarsie section of Brooklyn, New York, this semi-attached, well-maintained two-family home has been family-owned for over 25 years. The top floor features a spacious, renovated one-bedroom unit suitable for family use or as an income-producing rental. The landlord's unit is in fantastic condition, featuring an ultra-modern white kitchen with beautiful cabinets, an island, stainless steel appliances, and imported tile countertops. The bathrooms are updated with European tiles and modern finishes. The property includes a finished basement with a separate entrance, ideal for use as a recreation room or office. Updated mechanicals are in place. The park-like yard is suitable for family gatherings and barbecues. A shared driveway is available. The property offers convenient access to mass transportation, including the BM5 Manhattan express bus, the B42 and B103 bus lines, and the L train at the Rockaway Parkway station. The entire home will be delivered vacant and is suitable for a large family or for living and earning income.
Key Highlights
- Delivered Vacant: Ideal for large family or live and earn opportunity.
- Renovated Top Floor Unit: Spacious one bedroom, ideal for family or income.
- Modern Landlord's Unit: Ultra‑modern white kitchen with island, stainless steel appliances, and updated bathrooms.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$52,953
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.42%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,059,060
$1.1M
Cap Rate 7%
$756,471
$756.5K
Cap Rate 9%
$588,367
$588.4K
Market Conditions
NOI Build-Up for 1,512 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$77.1K $51.00/SF
− Vacancy
−$1.5K −$0.97/SF
EGI
$75.6K $50.03/SF
− OpEx
−$22.7K −$15.01/SF
NOI
$53.0K $35.02/SF
Area
Brooklyn, NY
Vacancy
1.90%
Lease Rate
$51.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,059,060
Cap Rate 7%
$756,471
Cap Rate 9%
$588,367
Alternative Uses
Best Use
Multifamily LT 5
$756.5K
$661.9K – $882.6K
NOI $52,953 @ 7.0% cap · market cap 6.42%
Second Best
Apartment 5plus
$659.4K
$577.0K – $769.3K
NOI $46,160 @ 7.0% cap · market cap 5.60%
Theoretical Best
Specialty Retail
$1.25M
$1.10M – $1.46M
NOI $87,636 @ 7.0% cap · market cap 10.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,554
Businesses Nearby
Explore this area
Business Placement
Demographics for 11236, NY
100,687
Population
37,002
Households
2.7
Avg Household Size
40
Median Age
28%
College-Educated
88%
High-School Grad
3.6 sq mi
ZIP Area
27,969
Density / Sq Mi
$82,813
Median Household Income
$50,244
Median Earnings
$1,637
Median Rent
$710,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained two-family home with finished basement in Canarsie.
Where is this duplex located?
The property is located at 1450 E 98th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Delivered Vacant: Ideal for large family or live and earn opportunity.; Renovated Top Floor Unit: Spacious one bedroom, ideal for family or income.; Modern Landlord's Unit: Ultra‑modern white kitchen with island, stainless steel appliances, and updated bathrooms.
