Four-Family Residential Investment
For Sale
$1,850,000
2078 E 28th St, Brooklyn, NY 11229
Fully occupied four-family semi-detached brick building with separately metered gas and electric and coin-operated hot water systems.
Property Size2,492 SF
Price / SF$742.38
Days on Market126
Property Features for 2078 E 28th St
General Information
Standard status
Active
Size
2,492 SF
Property subtype
Multi Family
Occupancy
100%
Additional Details
Cap Rate
5%
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$13,697
Building Details
Building Size
2,492 SF
Year Built
1920
Stories
4
Listing Agency:
RE/MAX Real Estate Professiona
(718) 872-5522
Listed By:
Huizhen (Rose) Li
(718) 872-5522
Source:
Elliman
Added: Apr 28
Changed: Aug 14
Last Checked: Aug 30 at 3:09PM
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 Professiona
Investment Insights
Based on property information with market context.
This fully occupied four-family semi-detached brick building is configured with one 2-bedroom apartment on the first floor and a larger 3-bedroom apartment spanning the 2nd through 4th floors. The property includes a detached garage. Each unit is separately metered, with 4 gas meters and 5 electric meters, along with separate hot water coin systems.
Located in Sheepshead Bay, Brooklyn, the property is described as convenient between Avenue U and Avenue T, with access to shopping and dining and nearby retail including Kings Plaza Mall. The area is also described as close to supermarkets, pharmacies, and schools.
The building is presented as an income-producing residential investment with tenants responsible for their own hot water expenses.
Located in Sheepshead Bay, Brooklyn, the property is described as convenient between Avenue U and Avenue T, with access to shopping and dining and nearby retail including Kings Plaza Mall. The area is also described as close to supermarkets, pharmacies, and schools.
The building is presented as an income-producing residential investment with tenants responsible for their own hot water expenses.
Key Highlights
- Four‑family semi‑detached brick building built in 1920, fully occupied
- Approx. 2,492 SF living space plus detached garage
- Unit mix: 1st floor 2‑bedroom unit; 2nd–4th floors large 3‑bedroom unit
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
$87,274
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
4.72%
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%
$1,745,480
$1.7M
Cap Rate 7%
$1,246,771
$1.2M
Cap Rate 9%
$969,711
$969.7K
Market Conditions
NOI Build-Up for 2,492 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
$127.1K $51.00/SF
− Vacancy
−$2.4K −$0.97/SF
EGI
$124.7K $50.03/SF
− OpEx
−$37.4K −$15.01/SF
NOI
$87.3K $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%
$1,745,480
Cap Rate 7%
$1,246,771
Cap Rate 9%
$969,711
Alternative Uses
Best Use
Multifamily LT 5
$1.25M
$1.09M – $1.45M
NOI $87,274 @ 7.0% cap · market cap 4.72%
Second Best
Apartment 5plus
$1.09M
$951.0K – $1.27M
NOI $76,078 @ 7.0% cap · market cap 4.11%
Theoretical Best
Specialty Retail
$2.06M
$1.81M – $2.41M
NOI $144,436 @ 7.0% cap · market cap 7.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
3,163
Businesses Nearby
Explore this area
Business Placement
Demographics for 11229, NY
83,669
Population
33,353
Households
2.5
Avg Household Size
40
Median Age
41%
College-Educated
88%
High-School Grad
2.0 sq mi
ZIP Area
41,835
Density / Sq Mi
$72,556
Median Household Income
$52,948
Median Earnings
$1,666
Median Rent
$812,200
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?
Quadplex - Fully occupied four-family semi-detached brick building with separately metered gas and electric and coin-operated hot water systems.
Where is this quadplex located?
The property is located at 2078 E 28th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Four‑family semi‑detached brick building built in 1920, fully occupied; Approx. 2,492 SF living space plus detached garage; Unit mix: 1st floor 2‑bedroom unit; 2nd–4th floors large 3‑bedroom unit
