Renovated Multifamily
For Sale
$1,299,000
1998 BERGEN St, Brooklyn, NY 11233
Three-level residential layout includes flexible unit arrangements, a full basement, laundry area, and private backyard.
Property Size2,604 SF
Days on Market132
Property Features for 1998 BERGEN St
General Information
Standard status
Active
Size
2,604 SF
Property subtype
Multi Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$1,836
Amenities
backyard
patio
fire-pit area
laundry area
Building Details
Building Size
2,604 SF
Year Built
1899
Buildings
1
Stories
2
Units
3
Listing Agency:
Douglas Elliman Real Estate
Listed By:
Sharon Lev · License #10401350093
(646) 589-4662
Source:
Elliman
Added: Apr 28
Changed: Aug 30
Last Checked: Aug 31 at 5:44PM
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 Douglas Elliman Real Estate
Investment Insights
Based on property information with market context.
Located at 1998 Bergen Street, this renovated multifamily townhome offers several residential configurations. The first floor contains a two-bedroom, one-bathroom apartment with direct backyard access. The second floor is arranged as two bedrooms and one bathroom, with plumbing available for a future kitchen. The third floor has another renovated two-bedroom, one-bathroom apartment with a modern kitchen and updated finishes. The layout can support a two-family arrangement with an owner's duplex or conversion to a three-family property.
A full basement provides laundry space, storage, or recreation use. Outdoor improvements include a large patio, stone walkway, fire-pit area, and tree-lined backyard. Approved plans provide for either a 14' x 16' first-floor family room or a 14' x 20' extension containing two 9' x 14' bedrooms and an additional full bathroom. The property was built in 1899 and has a Walk Score of 88, Transit Score of 98, and bikeScore of 74.
A full basement provides laundry space, storage, or recreation use. Outdoor improvements include a large patio, stone walkway, fire-pit area, and tree-lined backyard. Approved plans provide for either a 14' x 16' first-floor family room or a 14' x 20' extension containing two 9' x 14' bedrooms and an additional full bathroom. The property was built in 1899 and has a Walk Score of 88, Transit Score of 98, and bikeScore of 74.
Key Highlights
- Renovated first‑floor 2‑bedroom, 1‑bathroom apartment with direct access to the backyard
- Third‑floor renovated 2‑bedroom, 1‑bathroom apartment with modern kitchen and updated finishes
- Flexible layout supports a 2‑family arrangement with owner's duplex or conversion to a 3‑family property
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
$91,197
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
7.02%
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%
$1,823,940
$1.8M
Cap Rate 7%
$1,302,814
$1.3M
Cap Rate 9%
$1,013,300
$1.0M
Market Conditions
NOI Build-Up for 2,604 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
$132.8K $51.00/SF
− Vacancy
−$2.5K −$0.97/SF
EGI
$130.3K $50.03/SF
− OpEx
−$39.1K −$15.01/SF
NOI
$91.2K $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%
$1,823,940
Cap Rate 7%
$1,302,814
Cap Rate 9%
$1,013,300
Alternative Uses
Best Use
Multifamily LT 5
$1.30M
$1.14M – $1.52M
NOI $91,197 @ 7.0% cap · market cap 7.02%
Second Best
Apartment 5plus
$1.14M
$993.7K – $1.32M
NOI $79,497 @ 7.0% cap · market cap 6.12%
Theoretical Best
Specialty Retail
$2.16M
$1.89M – $2.52M
NOI $150,928 @ 7.0% cap · market cap 11.62%
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
3,787
Businesses Nearby
Explore this area
Business Placement
Demographics for 11233, NY
75,399
Population
34,412
Households
2.2
Avg Household Size
35
Median Age
33%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
57,999
Density / Sq Mi
$62,034
Median Household Income
$47,149
Median Earnings
$1,613
Median Rent
$1,013,000
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?
Multifamily property - Three-level residential layout includes flexible unit arrangements, a full basement, laundry area, and private backyard.
Where is this multifamily property located?
The property is located at 1998 BERGEN St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: Renovated first‑floor 2‑bedroom, 1‑bathroom apartment with direct access to the backyard; Third‑floor renovated 2‑bedroom, 1‑bathroom apartment with modern kitchen and updated finishes; Flexible layout supports a 2‑family arrangement with owner's duplex or conversion to a 3‑family property
