Oversized Two-Family Brick
For Sale
$1,850,000
223 96th St, Brooklyn, NY 11209
Move-in ready two-family property offers hardwood floors, recent boiler and hot water updates, and built-in garage parking.
Property Size2,584 SF
Days on Market83
Property Features for 223 96th St
General Information
Standard status
Active
Size
2,584 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$12,139
Building Details
Building Size
2,584 SF
Tenancy
Multi
Listing Agency:
Ben Bay Realty Co
(718) 680-6442
Listed By:
Christine P. Olivieri
(718) 680-6442
Source:
Elliman
Added: Jun 3
Changed: Aug 17
Last Checked: Aug 24 at 5:40AM
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 Ben Bay Realty Co
Investment Insights
Based on property information with market context.
This oversized two-family brick home offers a spacious, well-maintained layout with hardwood floors throughout. The property includes a shared driveway and an additional built-in 2-car garage, providing practical off-street parking and storage convenience. Inside, the home has been thoughtfully updated, including a brand-new boiler and both hot water heaters installed approximately three years ago. The upstairs kitchen has been newly renovated with quartz countertops and a new Bosch refrigerator, supporting modern, move-in-ready comfort.
Set on a 27 x 100 lot with a large 19 x 68 building footprint, the configuration supports comfortable day-to-day living for multiple households. The home is located in Bay Ridge and is described as just minutes from Shore Road, with access to parks and waterfront paths. The surrounding area also provides shopping, restaurants, schools, and public transportation.
For buyers seeking a residential income property, the combination of a two-unit structure, garage parking, and recent mechanical improvements supports day-to-day livability and reduced near-term hassle. With the home positioned for convenient access to Shore Road amenities and transit, it may also appeal to owner-occupants who want strong utility for their household while maintaining an additional unit.
Set on a 27 x 100 lot with a large 19 x 68 building footprint, the configuration supports comfortable day-to-day living for multiple households. The home is located in Bay Ridge and is described as just minutes from Shore Road, with access to parks and waterfront paths. The surrounding area also provides shopping, restaurants, schools, and public transportation.
For buyers seeking a residential income property, the combination of a two-unit structure, garage parking, and recent mechanical improvements supports day-to-day livability and reduced near-term hassle. With the home positioned for convenient access to Shore Road amenities and transit, it may also appeal to owner-occupants who want strong utility for their household while maintaining an additional unit.
Key Highlights
- Oversized Bay Ridge 2‑family brick home on a 27 x 100 lot with a 19 x 68 building footprint
- Move‑in ready with hardwood floors throughout and the home described as well maintained and thoughtfully updated
- Recent systems upgrades: brand‑new boiler and both hot water heaters are approximately 3 years old
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
$90,496
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
4.89%
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%
$1,809,920
$1.8M
Cap Rate 7%
$1,292,800
$1.3M
Cap Rate 9%
$1,005,511
$1.0M
Market Conditions
NOI Build-Up for 2,584 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
$131.8K $51.00/SF
− Vacancy
−$2.5K −$0.97/SF
EGI
$129.3K $50.03/SF
− OpEx
−$38.8K −$15.01/SF
NOI
$90.5K $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%
$1,809,920
Cap Rate 7%
$1,292,800
Cap Rate 9%
$1,005,511
Alternative Uses
Best Use
Multifamily LT 5
$1.29M
$1.13M – $1.51M
NOI $90,496 @ 7.0% cap · market cap 4.89%
Second Best
Apartment 5plus
$1.13M
$986.1K – $1.31M
NOI $78,887 @ 7.0% cap · market cap 4.26%
Theoretical Best
Specialty Retail
$2.14M
$1.87M – $2.50M
NOI $149,769 @ 7.0% cap · market cap 8.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,133
Businesses Nearby
Explore this area
Business Placement
Demographics for 11209, NY
73,239
Population
33,286
Households
2.2
Avg Household Size
40
Median Age
53%
College-Educated
90%
High-School Grad
2.1 sq mi
ZIP Area
34,876
Density / Sq Mi
$92,656
Median Household Income
$62,455
Median Earnings
$1,857
Median Rent
$905,700
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 - Move-in ready two-family property offers hardwood floors, recent boiler and hot water updates, and built-in garage parking.
Where is this duplex located?
The property is located at 223 96th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Oversized Bay Ridge 2‑family brick home on a 27 x 100 lot with a 19 x 68 building footprint; Move‑in ready with hardwood floors throughout and the home described as well maintained and thoughtfully updated; Recent systems upgrades: brand‑new boiler and both hot water heaters are approximately 3 years old
