Brick 3-Family Residential
For Sale
$1,499,000
Pending
2441 E 23rd St, Brooklyn, NY 11235
Well-maintained 3-family brick home with split-system A/C, hardwood floors, and a finished basement with separate entrance.
Property Size2,400 SF
Days on Market96
Property Features for 2441 E 23rd St
General Information
Standard status
Pending
Size
2,400 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$10,767
Building Details
Building Size
2,400 SF
Year Built
1935
Listing Agency:
Pride Estates
(718) 569-2888
Listed By:
Danny D. Chung
(718) 569-2888
Source:
Elliman
Added: May 9
Changed: Aug 10
Last Checked: Aug 12 at 8:17AM
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 Pride Estates
Investment Insights
Based on property information with market context.
This well-maintained brick 3-family home features a layout across the first and top floors, plus a finished basement with separate entrance. The second floor includes two units, each with 1 bedroom, a living room, kitchen, dining area, and a full bathroom. The first floor unit offers 3 bedrooms, a living room, kitchen, and a full bathroom, and also has an internal staircase to access the basement. The finished basement includes two large recreational spaces, storage rooms, a mechanical room, and a half bathroom.
The property is built on a 25 ft x 100 ft lot and is described as having 3 gas meters and 3 electric meters. Additional features include split system air conditioning, hardwood floors, and granite countertops. The listing notes a backyard space suitable for parking or outdoor use, and the home can be delivered vacant at closing. Convenient access to shopping, schools, restaurants, places of worship, parks, and public transportation is also noted.
The property is built on a 25 ft x 100 ft lot and is described as having 3 gas meters and 3 electric meters. Additional features include split system air conditioning, hardwood floors, and granite countertops. The listing notes a backyard space suitable for parking or outdoor use, and the home can be delivered vacant at closing. Convenient access to shopping, schools, restaurants, places of worship, parks, and public transportation is also noted.
Key Highlights
- Well‑maintained 3‑family brick home built in 1935 with split‑system A/C and hardwood floors
- Approximately 2,400 SF across the top two floors, plus an additional 1,200 SF in the basement
- 2nd floor features two 1‑bedroom units, each with living room, kitchen, dining area, and 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
$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
5.61%
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 5.61%
Second Best
Apartment 5plus
$1.05M
$915.9K – $1.22M
NOI $73,270 @ 7.0% cap · market cap 4.89%
Theoretical Best
Specialty Retail
$1.99M
$1.74M – $2.32M
NOI $139,104 @ 7.0% cap · market cap 9.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,053
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?
Triplex - Well-maintained 3-family brick home with split-system A/C, hardwood floors, and a finished basement with separate entrance.
Where is this triplex located?
The property is located at 2441 E 23rd St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,499,000.
What are key features of this property?
This property features: Well‑maintained 3‑family brick home built in 1935 with split‑system A/C and hardwood floors; Approximately 2,400 SF across the top two floors, plus an additional 1,200 SF in the basement; 2nd floor features two 1‑bedroom units, each with living room, kitchen, dining area, and full bathroom
