Detached Corner 3-Family
For Sale
$1,499,000
Pending
2302 E 23rd St, Brooklyn, NY 11229
Detached corner 3-family residence with multiple entrances and a private backyard for flexible living or rental use.
Property Size2,220 SF
Lot Size0.07 Acres
Days on Market89
Property Features for 2302 E 23rd St
General Information
Standard status
Pending
Size
2,220 SF
Lot size
0.07 Acres
Property subtype
Multi Family
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$9,618
Building Details
Building Size
2,220 SF
Tenancy
Multi
Listing Agency:
New World Realty Group LLC
(718) 872-6300
Listed By:
Patricia Sabbatis
(718) 872-6300
Source:
Elliman
Added: Jun 3
Changed: Aug 8
Last Checked: Aug 29 at 9:11AM
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.
This fully detached corner 3-family home is set on an oversized lot and configured to support three separate living units. The first floor features a spacious 3-bedroom apartment with a formal living room and high ceilings. The second floor offers a bright 2-bedroom layout with a formal living room, an office or family room, an enclosed porch, and abundant closet space. The lower level includes a large 1-bedroom setup with two separate entrances, which can support additional privacy or flexibility.
Access and parking are supported by a double private driveway with parking for multiple vehicles or an RV. The property also includes a huge private backyard that extends the home’s usable outdoor space.
The home is well-suited for buyers seeking an owner-occupant setup with rental income, or an investor looking for a multi-unit structure with unit separation and direct entry options. With strong walk and transit scores and nearby retail, schools, dining, and waterfront attractions, it also fits tenant-friendly day-to-day convenience.
Access and parking are supported by a double private driveway with parking for multiple vehicles or an RV. The property also includes a huge private backyard that extends the home’s usable outdoor space.
The home is well-suited for buyers seeking an owner-occupant setup with rental income, or an investor looking for a multi-unit structure with unit separation and direct entry options. With strong walk and transit scores and nearby retail, schools, dining, and waterfront attractions, it also fits tenant-friendly day-to-day convenience.
Key Highlights
- Detached corner 3‑family home on an oversized 30x100 lot with a huge private backyard
- 1st floor: spacious 3‑bedroom apartment with formal living room and high ceilings
- 2nd floor: 2‑bedroom apartment with formal living room, office/family room, enclosed porch, and abundant closet space
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
$77,748
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
5.19%
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%
$1,554,960
$1.6M
Cap Rate 7%
$1,110,686
$1.1M
Cap Rate 9%
$863,867
$863.9K
Market Conditions
NOI Build-Up for 2,220 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
$113.2K $51.00/SF
− Vacancy
−$2.2K −$0.97/SF
EGI
$111.1K $50.03/SF
− OpEx
−$33.3K −$15.01/SF
NOI
$77.7K $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%
$1,554,960
Cap Rate 7%
$1,110,686
Cap Rate 9%
$863,867
Alternative Uses
Best Use
Multifamily LT 5
$1.11M
$971.9K – $1.30M
NOI $77,748 @ 7.0% cap · market cap 5.19%
Second Best
Apartment 5plus
$968.2K
$847.2K – $1.13M
NOI $67,774 @ 7.0% cap · market cap 4.52%
Theoretical Best
Specialty Retail
$1.84M
$1.61M – $2.14M
NOI $128,671 @ 7.0% cap · market cap 8.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,874
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?
Triplex - Detached corner 3-family residence with multiple entrances and a private backyard for flexible living or rental use.
Where is this triplex located?
The property is located at 2302 E 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: Detached corner 3‑family home on an oversized 30x100 lot with a huge private backyard; 1st floor: spacious 3‑bedroom apartment with formal living room and high ceilings; 2nd floor: 2‑bedroom apartment with formal living room, office/family room, enclosed porch, and abundant closet space
