Renovated Two-Family Brick
For Sale
$1,049,000
Pending
2438 E 27th St, Brooklyn, NY 11235
Renovated 2-family with split air conditioning, private outdoor access, and a finished basement with separate entrance.
Property Size2,024 SF
Days on Market52
Property Features for 2438 E 27th St
General Information
Standard status
Pending
Size
2,024 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,872
Building Details
Building Size
2,024 SF
Year Built
1940
Stories
2
Tenancy
Multi
Listing Agency:
Womcore LLC dba Remax Edge
(718) 612-3088
Listed By:
Renzhang Danny Dong
(718) 612-3088
Source:
Elliman
Added: Jul 6
Changed: Aug 21
Last Checked: Aug 25 at 11:58AM
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 Womcore LLC dba Remax Edge
Investment Insights
Based on property information with market context.
This renovated brick two-family home offers flexible living with separate interior layouts across two floors plus additional finished space below. The first-floor unit includes a bright living room, dining area, updated kitchen, one spacious bedroom, a full bathroom, and direct access to a private backyard for outdoor use. The second-floor unit features a sun-filled living room, formal dining room, modern kitchen, two generously sized bedrooms, an additional home office, and a full bathroom.
A fully finished, newly renovated basement adds further utility, with a large recreation room, laundry area, a three-quarter bathroom, and a separate entrance. The home also includes split-unit air conditioning systems throughout, updated interior finishes, a new sidewalk, a built-in front garage, and private driveway parking.
Located in a walkable and transit-accessible area, the property is described as convenient to Avenue U and Kings Highway, with a wide variety of nearby shopping and daily necessities. The listing notes proximity to multiple bus lines and the Q train at Avenue U and Neck Road stations, supporting straightforward commuting throughout Brooklyn and to Manhattan. The multi-unit configuration, along with the office and basement recreation space, can fit a range of owner-occupant and investor needs where indoor and outdoor flexibility matter.
A fully finished, newly renovated basement adds further utility, with a large recreation room, laundry area, a three-quarter bathroom, and a separate entrance. The home also includes split-unit air conditioning systems throughout, updated interior finishes, a new sidewalk, a built-in front garage, and private driveway parking.
Located in a walkable and transit-accessible area, the property is described as convenient to Avenue U and Kings Highway, with a wide variety of nearby shopping and daily necessities. The listing notes proximity to multiple bus lines and the Q train at Avenue U and Neck Road stations, supporting straightforward commuting throughout Brooklyn and to Manhattan. The multi-unit configuration, along with the office and basement recreation space, can fit a range of owner-occupant and investor needs where indoor and outdoor flexibility matter.
Key Highlights
- Renovated brick 2‑family home built in 1940 with split‑unit air conditioning systems throughout
- First‑floor unit: bright living room, dining area, updated kitchen, 1 bedroom, full bathroom, and direct access to the private backyard
- Second‑floor unit: sun‑filled living room, formal dining room, modern kitchen, 2 bedrooms plus a home office, and a full bathroom
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
$70,884
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
6.76%
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%
$1,417,680
$1.4M
Cap Rate 7%
$1,012,629
$1.0M
Cap Rate 9%
$787,600
$787.6K
Market Conditions
NOI Build-Up for 2,024 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
$103.2K $51.00/SF
− Vacancy
−$2.0K −$0.97/SF
EGI
$101.3K $50.03/SF
− OpEx
−$30.4K −$15.01/SF
NOI
$70.9K $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%
$1,417,680
Cap Rate 7%
$1,012,629
Cap Rate 9%
$787,600
Alternative Uses
Best Use
Multifamily LT 5
$1.01M
$886.1K – $1.18M
NOI $70,884 @ 7.0% cap · market cap 6.76%
Second Best
Apartment 5plus
$882.7K
$772.4K – $1.03M
NOI $61,791 @ 7.0% cap · market cap 5.89%
Theoretical Best
Specialty Retail
$1.68M
$1.47M – $1.96M
NOI $117,311 @ 7.0% cap · market cap 11.18%
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
4,674
Businesses Nearby
Explore this area
Business Placement
Demographics for 11235, NY
88,482
Population
37,188
Households
2.4
Avg Household Size
44
Median Age
50%
College-Educated
90%
High-School Grad
2.5 sq mi
ZIP Area
35,393
Density / Sq Mi
$61,689
Median Household Income
$48,898
Median Earnings
$1,649
Median Rent
$723,900
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 - Renovated 2-family with split air conditioning, private outdoor access, and a finished basement with separate entrance.
Where is this duplex located?
The property is located at 2438 E 27th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,049,000.
What are key features of this property?
This property features: Renovated brick 2‑family home built in 1940 with split‑unit air conditioning systems throughout; First‑floor unit: bright living room, dining area, updated kitchen, 1 bedroom, full bathroom, and direct access to the private backyard; Second‑floor unit: sun‑filled living room, formal dining room, modern kitchen, 2 bedrooms plus a home office, and a full bathroom
