Brick Two-Family
For Sale
$1,575,000
Pending
1622 Kimball St, Brooklyn, NY 11234
Extra-large brick two-family delivered vacant, featuring two entrances, split A/C, and a 4-car private driveway.
Property Size3,000 SF
Days on Market110
Property Features for 1622 Kimball St
General Information
Standard status
Pending
Size
3,000 SF
Total Parking Spaces
4
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,917
Building Details
Building Size
3,000 SF
Year Built
1955
Listing Agency:
Tracey Real Estate
(718) 376-4994
Listed By:
Robert Tracey · License #TRART8436
(718) 376-4994
Source:
Elliman
Added: May 9
Changed: Aug 26
Last Checked: Aug 25 at 7:54AM
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 Tracey Real Estate
Investment Insights
Based on property information with market context.
Well-maintained brick two-family duplex in Marine Park, delivered vacant. The second-floor owner’s unit offers three bedrooms and two baths, with a large living room, formal dining room, hardwood floors, split A/C units, and a new custom kitchen. A half bath is located on the first floor of the owner’s unit, and there is an interior staircase connecting the first-floor apartment and the basement. The first-floor apartment includes two bedrooms and benefits from new kitchen updates, with both front and side entrances. The full, finished basement provides flexible additional space and includes access to the rear yard.
Outside, the property includes a large rear yard and a private driveway with parking for four cars. Walk, bike, and transit scores are reported as 80 (very walkable), 64 (bikeable), and 79 (excellent transit), supporting convenient day-to-day access.
The home’s configuration includes connected interiors for the owner’s unit, dedicated exterior entrances for the first-floor apartment, and basement space suited to everyday recreation or entertaining, all within a brick, well-kept setting.
Outside, the property includes a large rear yard and a private driveway with parking for four cars. Walk, bike, and transit scores are reported as 80 (very walkable), 64 (bikeable), and 79 (excellent transit), supporting convenient day-to-day access.
The home’s configuration includes connected interiors for the owner’s unit, dedicated exterior entrances for the first-floor apartment, and basement space suited to everyday recreation or entertaining, all within a brick, well-kept setting.
Key Highlights
- Extra‑large brick two‑family built in 1955, delivered vacant
- Owner’s unit: 3 bedrooms, 2 bathrooms, plus 1/2 bath; large living room and formal dining room
- Hardwood floors and split A/C in the owner’s unit; new custom kitchen
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
$105,065
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
6.67%
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%
$2,101,300
$2.1M
Cap Rate 7%
$1,500,929
$1.5M
Cap Rate 9%
$1,167,389
$1.2M
Market Conditions
NOI Build-Up for 3,000 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
$153.0K $51.00/SF
− Vacancy
−$2.9K −$0.97/SF
EGI
$150.1K $50.03/SF
− OpEx
−$45.0K −$15.01/SF
NOI
$105.1K $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%
$2,101,300
Cap Rate 7%
$1,500,929
Cap Rate 9%
$1,167,389
Alternative Uses
Best Use
Multifamily LT 5
$1.50M
$1.31M – $1.75M
NOI $105,065 @ 7.0% cap · market cap 6.67%
Second Best
Apartment 5plus
$1.31M
$1.14M – $1.53M
NOI $91,587 @ 7.0% cap · market cap 5.82%
Theoretical Best
Specialty Retail
$2.48M
$2.17M – $2.90M
NOI $173,880 @ 7.0% cap · market cap 11.04%
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
3,272
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
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 - Extra-large brick two-family delivered vacant, featuring two entrances, split A/C, and a 4-car private driveway.
Where is this duplex located?
The property is located at 1622 Kimball St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,575,000.
What are key features of this property?
This property features: Extra‑large brick two‑family built in 1955, delivered vacant; Owner’s unit: 3 bedrooms, 2 bathrooms, plus 1/2 bath; large living room and formal dining room; Hardwood floors and split A/C in the owner’s unit; new custom kitchen
