Sheepshead Bay Two-Family
For Sale
$999,999
2464 E 28th St, Brooklyn, NY 11235
Two-family home in Sheepshead Bay with parking and backyard.
Property Size2,000 SF
Lot Size0.05 Acres
Price / SF$1,111
Days on Market154
Property Features for 2464 E 28th St
General Information
Standard status
Active
Size
2,000 SF
Lot size
0.05 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$6,458
Building Details
Building Size
2,000 SF
Year Built
1940
Listing Agency:
RE/MAX Edge
(718) 612-3088
Listed By:
Yu-Fen (Madeline) Chiu · License #RD7348
(718) 612-3088
Source:
Elliman
Added: Mar 26
Changed: Aug 14
Last Checked: Aug 25 at 11:17AM
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 RE/MAX Edge
Investment Insights
Based on property information with market context.
Located in Sheepshead Bay, this attached two-family home presents an opportunity for investors and end users. The all-brick building measures 20' x 45' and features a layout with potential. The first-floor unit includes 1 bedroom, a living room, and a kitchen, with interior access to the basement. The basement offers flexible space suitable for a recreation room, home office, or storage, and includes a bathroom with a shower. The second-floor unit features 3 bedrooms, a kitchen, and 1 full bathroom, with access to a deck and the backyard. The property includes a private garage and parking for 2 cars. Both units have access to the backyard. The property is located near shopping, dining, and public transportation.
Key Highlights
- Two‑family home ideal for investors or owner‑occupiers in Sheepshead Bay.
- Private garage and parking for 2 cars.
- First‑floor unit with basement access and basement bathroom.
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
$31,520
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
3.15%
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%
$630,400
$630.4K
Cap Rate 7%
$450,286
$450.3K
Cap Rate 9%
$350,222
$350.2K
Market Conditions
NOI Build-Up for 900 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
$45.9K $51.00/SF
− Vacancy
−$872 −$0.97/SF
EGI
$45.0K $50.03/SF
− OpEx
−$13.5K −$15.01/SF
NOI
$31.5K $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%
$630,400
Cap Rate 7%
$450,286
Cap Rate 9%
$350,222
Alternative Uses
Best Use
Multifamily LT 5
$450.3K
$394.0K – $525.3K
NOI $31,520 @ 7.0% cap · market cap 3.15%
Second Best
Apartment 5plus
$392.5K
$343.5K – $457.9K
NOI $27,476 @ 7.0% cap · market cap 2.75%
Theoretical Best
Specialty Retail
$745.2K
$652.1K – $869.4K
NOI $52,164 @ 7.0% cap · market cap 5.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,674
Businesses Nearby
Explore this area
Business Placement
Demographics for 11235, NY
88,482
Population
37,188
Households
2.4
Avg Household Size
44
Median Age
50%
College-Educated
90%
High-School Grad
2.5 sq mi
ZIP Area
35,393
Density / Sq Mi
$61,689
Median Household Income
$48,898
Median Earnings
$1,649
Median Rent
$723,900
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 - Two-family home in Sheepshead Bay with parking and backyard.
Where is this duplex located?
The property is located at 2464 E 28th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $999,999.
What are key features of this property?
This property features: Two‑family home ideal for investors or owner‑occupiers in Sheepshead Bay.; Private garage and parking for 2 cars.; First‑floor unit with basement access and basement bathroom.
