Two-Family Residential Income
For Sale
$1,399,000
1014 38th St, Brooklyn, NY 11219
Well-maintained 2-family home with two identical 3-bedroom units, plus a full finished basement and separate front entrance.
Property Size1,652 SF
Lot Size0.04 Acres
Days on Market54
Property Features for 1014 38th St
General Information
Standard status
Active
Size
1,652 SF
Lot size
0.04 Acres
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,084
Building Details
Building Size
1,652 SF
Year Built
1899
Stories
2
Listing Agency:
REMAX EDGE
(718) 612-3088
Listed By:
Jason Zhou · License #10301217017
(718) 612-3088
Source:
Elliman
Added: Jul 4
Changed: Aug 17
Last Checked: Aug 25 at 8:23AM
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 well-maintained two-family home offers two identical 3-bedroom apartments on the first and second floors, supported by a full finished basement. The property includes a total of six bedrooms and three full bathrooms, and it has a separate front entrance for the basement level.
The home is located in Borough Park near shopping, restaurants, schools, parks, and public transportation, including the D train.
The building measures 19 by 40 feet and sits on a 19 by 95 foot lot. Annual property taxes are listed at approximately $5,220.
The home is located in Borough Park near shopping, restaurants, schools, parks, and public transportation, including the D train.
The building measures 19 by 40 feet and sits on a 19 by 95 foot lot. Annual property taxes are listed at approximately $5,220.
Key Highlights
- 1899‑built, well‑maintained 2‑family home with two identical 3‑bedroom apartments
- Total layout includes 6 bedrooms and 3 full bathrooms
- Full finished basement with a separate front entrance for the lower level
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
$47,708
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
3.41%
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%
$954,160
$954.2K
Cap Rate 7%
$681,543
$681.5K
Cap Rate 9%
$530,089
$530.1K
Market Conditions
NOI Build-Up for 1,652 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
$71.4K $43.20/SF
− Vacancy
−$3.2K −$1.94/SF
EGI
$68.2K $41.26/SF
− OpEx
−$20.4K −$12.38/SF
NOI
$47.7K $28.88/SF
Area
ZIP 11219
Vacancy
4.50%
Lease Rate
$43.20 /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%
$954,160
Cap Rate 7%
$681,543
Cap Rate 9%
$530,089
Alternative Uses
Best Use
Multifamily LT 5
$681.5K
$596.4K – $795.1K
NOI $47,708 @ 7.0% cap · market cap 3.41%
Second Best
Apartment 5plus
$611.8K
$535.3K – $713.8K
NOI $42,826 @ 7.0% cap · market cap 3.06%
Theoretical Best
Office A
$1.07M
$937.1K – $1.25M
NOI $74,966 @ 7.0% cap · market cap 5.36%
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
5,061
Businesses Nearby
Explore this area
Business Placement
Demographics for 11219, NY
103,447
Population
27,973
Households
3.7
Avg Household Size
27
Median Age
21%
College-Educated
70%
High-School Grad
1.5 sq mi
ZIP Area
68,965
Density / Sq Mi
$55,685
Median Household Income
$30,647
Median Earnings
$1,678
Median Rent
$1,086,000
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained 2-family home with two identical 3-bedroom units, plus a full finished basement and separate front entrance.
Where is this duplex located?
The property is located at 1014 38th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: 1899‑built, well‑maintained 2‑family home with two identical 3‑bedroom apartments; Total layout includes 6 bedrooms and 3 full bathrooms; Full finished basement with a separate front entrance for the lower level
