Detached Two-Family
For Sale
$1,789,000
2538 E 29th St, Brooklyn, NY 11235
Detached two-family home with a finished basement, private entrances, rear deck, and detached double-car garage.
Property Size2,400 SF
Lot Size0.09 Acres
Days on Market44
Property Features for 2538 E 29th St
General Information
Standard status
Active
Size
2,400 SF
Total Parking Spaces
2
Lot size
0.09 Acres
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,924
Building Details
Building Size
2,400 SF
Year Built
1930
Stories
2
Tenancy
Multi
Listing Agency:
REMAX EDGE
(718) 612-3088
Listed By:
Jason Zhou · License #10301217017
(718) 612-3088
Source:
Elliman
Added: Jul 14
Changed: Aug 26
Last Checked: Aug 25 at 12:00PM
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 REMAX EDGE
Investment Insights
Based on property information with market context.
This detached two-family residence includes an expansive owner’s duplex and a separate two-bedroom apartment, each with its own private entrance. The main level features two bedrooms and a full bath, while the upper level offers a private primary suite with an additional office or nursery connected by an interior staircase. Interiors include hardwood floors and recessed lighting, with split A/C units throughout. The separate apartment has a private entrance with its own living room, dining area, kitchen, and full bath.
A full finished basement adds further living or recreation space and includes separate access. The property also features multiple full bathrooms, separate water heaters, a sliding glass door to a spacious rear deck, and a paved backyard serviced by a wide private driveway. A detached double-car garage is accessible from the driveway.
Set on an oversized lot, the building includes double front entrances for each family and side and rear entrances, supporting flexible day-to-day access for both units.
A full finished basement adds further living or recreation space and includes separate access. The property also features multiple full bathrooms, separate water heaters, a sliding glass door to a spacious rear deck, and a paved backyard serviced by a wide private driveway. A detached double-car garage is accessible from the driveway.
Set on an oversized lot, the building includes double front entrances for each family and side and rear entrances, supporting flexible day-to-day access for both units.
Key Highlights
- Detached oversized 2‑family home on a 40' x 100' lot with a 20' x 60' building
- 4 full bathrooms across the owner duplex and separate 2‑bedroom apartment
- Split A/C units throughout, hardwood floors, and recessed lighting
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
$84,052
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
4.70%
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%
$1,681,040
$1.7M
Cap Rate 7%
$1,200,743
$1.2M
Cap Rate 9%
$933,911
$933.9K
Market Conditions
NOI Build-Up for 2,400 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
$122.4K $51.00/SF
− Vacancy
−$2.3K −$0.97/SF
EGI
$120.1K $50.03/SF
− OpEx
−$36.0K −$15.01/SF
NOI
$84.1K $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%
$1,681,040
Cap Rate 7%
$1,200,743
Cap Rate 9%
$933,911
Alternative Uses
Best Use
Multifamily LT 5
$1.20M
$1.05M – $1.40M
NOI $84,052 @ 7.0% cap · market cap 4.70%
Second Best
Apartment 5plus
$1.05M
$915.9K – $1.22M
NOI $73,270 @ 7.0% cap · market cap 4.10%
Theoretical Best
Specialty Retail
$1.99M
$1.74M – $2.32M
NOI $139,104 @ 7.0% cap · market cap 7.78%
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
3,634
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 - Detached two-family home with a finished basement, private entrances, rear deck, and detached double-car garage.
Where is this duplex located?
The property is located at 2538 E 29th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,789,000.
What are key features of this property?
This property features: Detached oversized 2‑family home on a 40' x 100' lot with a 20' x 60' building; 4 full bathrooms across the owner duplex and separate 2‑bedroom apartment; Split A/C units throughout, hardwood floors, and recessed lighting
