Spacious Two-Family Home in
For Sale
$1,499,000
Pending
287 23rd St, Brooklyn, NY 11215
Two-family home in Greenwood Heights with income potential.
Property Size2,947 SF
Lot Size0.06 Acres
Days on Market98
Property Features for 287 23rd St
General Information
Standard status
Pending
Size
2,947 SF
Lot size
0.06 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$3,426
Building Details
Stories
2
Listing Agency:
Revived Residential
(929) 379-3750
Listed By:
Austin Wong
(929) 379-3750
Source:
Elliman
Added: May 20
Changed: Aug 23
Last Checked: Aug 24 at 5:41AM
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 Revived Residential
Investment Insights
Based on property information with market context.
Located in Greenwood Heights, Brooklyn, the property at 287 23rd Street presents an opportunity to own a two-family home. Constructed in 1901, this property offers approximately 2,947 square feet of living space across three levels, situated on a 2,500 square foot lot. The building is configured as a two-bedroom, one-bath unit over a two-bedroom, one-bath reverse duplex, with an additional studio and one bath in the above-grade basement. The layout includes a total of 5 bedrooms and 3 full bathrooms.
Key Highlights
- Spacious two‑family home with approximately 2,947 square feet.
- Located in the desirable Greenwood Heights neighborhood of Brooklyn.
- Versatile layout suitable for end‑users, investors, or multi‑generational living.
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
$103,209
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
6.89%
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%
$2,064,180
$2.1M
Cap Rate 7%
$1,474,414
$1.5M
Cap Rate 9%
$1,146,767
$1.1M
Market Conditions
NOI Build-Up for 2,947 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
$150.3K $51.00/SF
− Vacancy
−$2.9K −$0.97/SF
EGI
$147.4K $50.03/SF
− OpEx
−$44.2K −$15.01/SF
NOI
$103.2K $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%
$2,064,180
Cap Rate 7%
$1,474,414
Cap Rate 9%
$1,146,767
Alternative Uses
Best Use
Multifamily LT 5
$1.47M
$1.29M – $1.72M
NOI $103,209 @ 7.0% cap · market cap 6.89%
Second Best
Apartment 5plus
$1.29M
$1.12M – $1.50M
NOI $89,969 @ 7.0% cap · market cap 6.00%
Theoretical Best
Specialty Retail
$2.44M
$2.14M – $2.85M
NOI $170,808 @ 7.0% cap · market cap 11.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,488
Businesses Nearby
Explore this area
Business Placement
Demographics for 11215, NY
67,493
Population
32,197
Households
2.1
Avg Household Size
37
Median Age
80%
College-Educated
96%
High-School Grad
2.2 sq mi
ZIP Area
30,679
Density / Sq Mi
$180,773
Median Household Income
$99,151
Median Earnings
$2,803
Median Rent
$1,674,700
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 Greenwood Heights with income potential.
Where is this duplex located?
The property is located at 287 23rd St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: Spacious two‑family home with approximately 2,947 square feet.; Located in the desirable Greenwood Heights neighborhood of Brooklyn.; Versatile layout suitable for end‑users, investors, or multi‑generational living.
