Sheepshead Bay Two-Family Brick
For Sale
$1,550,000
Pending
2118 E 27th St, Brooklyn, NY 11229
Two-family brick home in Sheepshead Bay near transportation.
Property Size3,630 SF
Lot Size0.07 Acres
Days on Market100
Property Features for 2118 E 27th St
General Information
Standard status
Pending
Size
3,630 SF
Lot size
0.07 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$11,698
Building Details
Building Size
3,630 SF
Year Built
1930
Stories
2
Listing Agency:
RE/MAX Edge
(718) 612-3088
Listed By:
Kelly Wu
(718) 612-3088
Source:
Elliman
Added: May 19
Changed: Aug 25
Last Checked: Aug 25 at 7:40AM
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.
This fully detached two-family brick home is located in Sheepshead Bay. The building, with dimensions of 20x66, is situated on a 29x100 lot. Both the first and second floors feature a three-bedroom layout, including a large living room, formal dining room, eat-in kitchen, and full bathroom. The property is well-maintained and features hardwood floors, separate entrances, and natural light. A full finished basement with a separate entrance provides additional space for recreation, storage, or flexible use. A shared driveway leads to a detached garage in the rear, offering parking for multiple cars. The property is conveniently located near Avenue U shopping, restaurants, and schools, with access to public transportation, including the B44, B3, and B49 buses, as well as the Q and B trains. The location has a walk score of 96, indicating it is a Walker's Paradise, a transit score of 84, indicating excellent transit, and a bike score of 63, indicating it is bikeable. This property presents an opportunity for both end users and investors.
Key Highlights
- Prime Sheepshead Bay location with excellent walkability (Walk Score 96) and transit options (Transit Score 84).
- Fully detached 2‑family brick home offering potential rental income or multi‑generational living.
- Spacious 3‑bedroom layouts on both the 1st and 2nd floors, each with separate entrances.
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
$46,229
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
2.98%
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%
$924,580
$924.6K
Cap Rate 7%
$660,414
$660.4K
Cap Rate 9%
$513,656
$513.7K
Market Conditions
NOI Build-Up for 1,320 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
$67.3K $51.00/SF
− Vacancy
−$1.3K −$0.97/SF
EGI
$66.0K $50.03/SF
− OpEx
−$19.8K −$15.01/SF
NOI
$46.2K $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%
$924,580
Cap Rate 7%
$660,414
Cap Rate 9%
$513,656
Alternative Uses
Best Use
Multifamily LT 5
$660.4K
$577.9K – $770.5K
NOI $46,229 @ 7.0% cap · market cap 2.98%
Second Best
Apartment 5plus
$575.7K
$503.7K – $671.6K
NOI $40,298 @ 7.0% cap · market cap 2.60%
Theoretical Best
Specialty Retail
$1.09M
$956.3K – $1.28M
NOI $76,507 @ 7.0% cap · market cap 4.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,262
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 - Two-family brick home in Sheepshead Bay near transportation.
Where is this duplex located?
The property is located at 2118 E 27th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Prime Sheepshead Bay location with excellent walkability (Walk Score 96) and transit options (Transit Score 84).; Fully detached 2‑family brick home offering potential rental income or multi‑generational living.; Spacious 3‑bedroom layouts on both the 1st and 2nd floors, each with separate entrances.
