Homecrest Two-Family Home with
For Sale
$1,188,000
2227 E 15th St, Brooklyn, NY 11229
Semi-detached two-family home in Homecrest, currently used as one-family.
Property Size998 SF
Days on Market105
Property Features for 2227 E 15th St
General Information
Standard status
Active
Size
998 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$5,521
Building Details
Building Size
998 SF
Listing Agency:
New World Realty Group LLC
(718) 872-6300
Listed By:
Stephanie Dong Chin
(718) 872-6300
Source:
Elliman
Added: May 18
Changed: Aug 23
Last Checked: Aug 29 at 12:57PM
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 New World Realty Group LLC
Investment Insights
Based on property information with market context.
Located in the Homecrest neighborhood, this semi-detached two-family home is currently used as a one-family residence. The home features 4 bedrooms and 3 bathrooms. One of the second-floor bedrooms includes a skylight. The property also includes a shared driveway and a detached garage. The full-length basement is fully finished, offering recreational space. The interior features a spacious living room with a skylight and hardwood floors throughout. The property is located minutes from the Ave U and Neck Road train stations and is close to P.S. 206, P.S. 255, and J.H.S. 234 Arthur W. Cunningham. Nearby amenities include shopping, restaurants, parks, the Q train, and the B3 bus, all accessible from Ave U. The location has a bike score of 63, indicating it is bikeable, a walk score of 96, indicating it is a walker's paradise, and a transit score of 84, indicating excellent transit options. This property offers the opportunity to generate rental income.
Key Highlights
- Excellent Transit Score (84) and proximity to Ave U and Neck Road train stations.
- Income‑producing potential as a two‑family home.
- Desirable Homecrest neighborhood location.
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
$34,952
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
2.94%
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%
$699,040
$699.0K
Cap Rate 7%
$499,314
$499.3K
Cap Rate 9%
$388,356
$388.4K
Market Conditions
NOI Build-Up for 998 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
$50.9K $51.00/SF
− Vacancy
−$967 −$0.97/SF
EGI
$49.9K $50.03/SF
− OpEx
−$15.0K −$15.01/SF
NOI
$35.0K $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%
$699,040
Cap Rate 7%
$499,314
Cap Rate 9%
$388,356
Alternative Uses
Best Use
Multifamily LT 5
$499.3K
$436.9K – $582.5K
NOI $34,952 @ 7.0% cap · market cap 2.94%
Second Best
Apartment 5plus
$435.3K
$380.9K – $507.8K
NOI $30,468 @ 7.0% cap · market cap 2.56%
Theoretical Best
Specialty Retail
$826.3K
$723.1K – $964.1K
NOI $57,844 @ 7.0% cap · market cap 4.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,185
Businesses Nearby
Explore this area
Business Placement
Demographics for 11229, NY
83,669
Population
33,353
Households
2.5
Avg Household Size
40
Median Age
41%
College-Educated
88%
High-School Grad
2.0 sq mi
ZIP Area
41,835
Density / Sq Mi
$72,556
Median Household Income
$52,948
Median Earnings
$1,666
Median Rent
$812,200
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 - Semi-detached two-family home in Homecrest, currently used as one-family.
Where is this duplex located?
The property is located at 2227 E 15th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,188,000.
What are key features of this property?
This property features: Excellent Transit Score (84) and proximity to Ave U and Neck Road train stations.; Income‑producing potential as a two‑family home.; Desirable Homecrest neighborhood location.
