Renovated Two-Family
For Sale
$995,000
Pending
2055 E 34th St, Brooklyn, NY 11234
Updated interiors, a renovated basement, and multiple utilities improvements support comfortable owner-occupant or investment use.
Property Size1,890 SF
Days on Market98
Property Features for 2055 E 34th St
General Information
Standard status
Pending
Size
1,890 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,361
Building Details
Building Size
1,890 SF
Year Built
1935
Year Renovated
2018
Tenancy
Multi
Listed By:
Julianne M. Shea
(718) 256-4000
Source:
Elliman
Added: Jun 4
Changed: Sep 7
Last Checked: Sep 8 at 8:28AM
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 Julianne M. Shea
Investment Insights
Based on property information with market context.
This two-family home offers a well-laid-out live-in configuration with key updates throughout. The finished basement was renovated in 2018 and includes two split-system air conditioning units plus a 3/4 bath, creating flexible space for recreation, entertaining, or a home office. On the first floor, an updated kitchen renovated in 2016 and a convenient half bath support everyday living.
Additional recent improvements include a new boiler, a new hot water heater, and a roof that has been recently flashed. Outside, the property features a newly built deck, along with a community driveway and a private garage.
Located at 2055 E 34th St in Brooklyn, the home is positioned near Marine Park’s trails and sports areas, and it is described as being close to a golf course, shopping, dining, and transportation. With the basement and major mechanical improvements already completed, the property may be attractive to buyers looking for a move-in-ready multi-family setup with practical indoor and outdoor gathering space.
Additional recent improvements include a new boiler, a new hot water heater, and a roof that has been recently flashed. Outside, the property features a newly built deck, along with a community driveway and a private garage.
Located at 2055 E 34th St in Brooklyn, the home is positioned near Marine Park’s trails and sports areas, and it is described as being close to a golf course, shopping, dining, and transportation. With the basement and major mechanical improvements already completed, the property may be attractive to buyers looking for a move-in-ready multi-family setup with practical indoor and outdoor gathering space.
Key Highlights
- 2‑family home built in 1935 in Marine Park
- Finished basement renovated in 2018 with 3/4 bath and two split‑system A/C units
- Updated kitchen renovated in 2016, plus a half bath on the first floor
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
$66,191
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
6.65%
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%
$1,323,820
$1.3M
Cap Rate 7%
$945,586
$945.6K
Cap Rate 9%
$735,456
$735.5K
Market Conditions
NOI Build-Up for 1,890 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
$96.4K $51.00/SF
− Vacancy
−$1.8K −$0.97/SF
EGI
$94.6K $50.03/SF
− OpEx
−$28.4K −$15.01/SF
NOI
$66.2K $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%
$1,323,820
Cap Rate 7%
$945,586
Cap Rate 9%
$735,456
Alternative Uses
Best Use
Multifamily LT 5
$945.6K
$827.4K – $1.10M
NOI $66,191 @ 7.0% cap · market cap 6.65%
Second Best
Apartment 5plus
$824.3K
$721.3K – $961.7K
NOI $57,700 @ 7.0% cap · market cap 5.80%
Theoretical Best
Specialty Retail
$1.56M
$1.37M – $1.83M
NOI $109,544 @ 7.0% cap · market cap 11.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,942
Businesses Nearby
Explore this area
Business Placement
Demographics for 11234, NY
92,133
Population
35,167
Households
2.6
Avg Household Size
41
Median Age
39%
College-Educated
89%
High-School Grad
7.4 sq mi
ZIP Area
12,450
Density / Sq Mi
$94,434
Median Household Income
$55,206
Median Earnings
$1,771
Median Rent
$746,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Updated interiors, a renovated basement, and multiple utilities improvements support comfortable owner-occupant or investment use.
Where is this duplex located?
The property is located at 2055 E 34th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 2‑family home built in 1935 in Marine Park; Finished basement renovated in 2018 with 3/4 bath and two split‑system A/C units; Updated kitchen renovated in 2016, plus a half bath on the first floor
