Updated Two-Family
For Sale
$1,650,000
72 Bay 38th St, Brooklyn, NY 11214
Move-in-ready two-family home with a finished basement, separate utilities, and a 2024 roof for flexible owner or rental use.
Property Size1,872 SF
Days on Market72
Property Features for 72 Bay 38th St
General Information
Standard status
Active
Size
1,872 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,306
Building Details
Building Size
1,872 SF
Year Built
1930
Stories
2
Listing Agency:
RE/MAX Real Estate Professionals
(917) 708-9966
Listed By:
Hang (Tyler) Chen · License #HC3855
(917) 708-9966
Source:
Elliman
Added: Jun 17
Changed: Aug 14
Last Checked: Aug 26 at 12:07PM
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 Real Estate Professionals
Investment Insights
Based on property information with market context.
This well-maintained two-family residence offers a comfortable, spacious layout with six bedrooms and three full bathrooms, plus a fully finished basement that can support additional living or recreational space. Recent updates include a new roof installed in 2024, and the property is configured with separate gas and electric meters for each unit.
The home features a private driveway and a generous backyard, providing practical outdoor space. Based on the provided information, it also offers excellent walkability and transit access, with walkScore of 83, bikeScore of 67, and transitScore of 88. The property is located just moments from the 25th Avenue D train station, with convenient access to shopping, dining, schools, and neighborhood amenities.
For owner-occupants, the setup supports comfortable multi-room living along with dedicated utilities. For investors, the separate meters and move-in-ready condition can help simplify operations while keeping the home’s layout and finished lower level available to support tenant needs. Overall, the combination of recent roof replacement, private driveway, and dedicated utility metering makes this a functional option for a variety of two-family buyers.
The home features a private driveway and a generous backyard, providing practical outdoor space. Based on the provided information, it also offers excellent walkability and transit access, with walkScore of 83, bikeScore of 67, and transitScore of 88. The property is located just moments from the 25th Avenue D train station, with convenient access to shopping, dining, schools, and neighborhood amenities.
For owner-occupants, the setup supports comfortable multi-room living along with dedicated utilities. For investors, the separate meters and move-in-ready condition can help simplify operations while keeping the home’s layout and finished lower level available to support tenant needs. Overall, the combination of recent roof replacement, private driveway, and dedicated utility metering makes this a functional option for a variety of two-family buyers.
Key Highlights
- Two‑family home built in 1930 with 6 bedrooms and 3 full bathrooms
- Fully finished basement for added space or recreation
- New roof installed in 2024
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
$51,058
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
3.09%
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%
$1,021,160
$1.0M
Cap Rate 7%
$729,400
$729.4K
Cap Rate 9%
$567,311
$567.3K
Market Conditions
NOI Build-Up for 1,872 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
$76.4K $40.80/SF
− Vacancy
−$3.4K −$1.84/SF
EGI
$72.9K $38.96/SF
− OpEx
−$21.9K −$11.69/SF
NOI
$51.1K $27.27/SF
Area
ZIP 11214
Vacancy
4.50%
Lease Rate
$40.80 /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%
$1,021,160
Cap Rate 7%
$729,400
Cap Rate 9%
$567,311
Alternative Uses
Best Use
Multifamily LT 5
$729.4K
$638.2K – $851.0K
NOI $51,058 @ 7.0% cap · market cap 3.09%
Second Best
Apartment 5plus
$653.7K
$572.0K – $762.7K
NOI $45,760 @ 7.0% cap · market cap 2.77%
Theoretical Best
Office A
$1.09M
$955.5K – $1.27M
NOI $76,442 @ 7.0% cap · market cap 4.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,954
Businesses Nearby
Explore this area
Business Placement
Demographics for 11214, NY
96,560
Population
33,341
Households
2.9
Avg Household Size
39
Median Age
32%
College-Educated
76%
High-School Grad
2.0 sq mi
ZIP Area
48,280
Density / Sq Mi
$64,286
Median Household Income
$41,172
Median Earnings
$1,710
Median Rent
$1,007,400
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 home with a finished basement, separate utilities, and a 2024 roof for flexible owner or rental use.
Where is this duplex located?
The property is located at 72 Bay 38th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Two‑family home built in 1930 with 6 bedrooms and 3 full bathrooms; Fully finished basement for added space or recreation; New roof installed in 2024
