Brick Duplex with Finished
New
For Sale
$1,999,000
1408 Avenue L, Brooklyn, NY 11230
Two three-bedroom apartments are complemented by finished lower-level space and a private backyard patio.
Property Size2,310 SF
Lot Size0.05 Acres
Days on Market2
Property Features for 1408 Avenue L
General Information
Standard status
Active
Size
2,310 SF
Lot size
0.05 Acres
Property subtype
Multi Family
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$9,969
Amenities
backyard
patio
solar panels
Building Details
Building Size
2,310 SF
Year Built
1930
Buildings
1
Stories
2
Construction
brick
Listing Agency:
Womcore LLC dba Remax Edge
Listed By:
Gennadi B. Barmin
(718) 612-3088
Source:
Elliman
Added: Sep 9
Last Checked: Sep 10 at 11:19AM
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 Womcore LLC dba Remax Edge
Investment Insights
Based on property information with market context.
Built in 1930, this brick duplex contains two separate apartments, each configured with three bedrooms and one bathroom. The building measures 20' x 52' on a 20' x 100' lot. A full finished basement adds usable space and has separate entrances, while the rear yard includes a patio. Solar panels are installed on the property.
The residence is located at 1408 Avenue L in Brooklyn’s Midwood neighborhood, near shopping along Avenue M, Avenue J, and Coney Island Avenue. The Q train, Edward R. Murrow High School, neighborhood parks, and playgrounds are also nearby. WalkScore is 93, TransitScore is 93, and BikeScore is 68.
The residence is located at 1408 Avenue L in Brooklyn’s Midwood neighborhood, near shopping along Avenue M, Avenue J, and Coney Island Avenue. The Q train, Edward R. Murrow High School, neighborhood parks, and playgrounds are also nearby. WalkScore is 93, TransitScore is 93, and BikeScore is 68.
Key Highlights
- Two apartments, each with 3 bedrooms and 1 bathroom
- 20' x 52' building on a 20' x 100' lot
- Full finished basement with separate entrances
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
$80,900
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
4.05%
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%
$1,618,000
$1.6M
Cap Rate 7%
$1,155,714
$1.2M
Cap Rate 9%
$898,889
$898.9K
Market Conditions
NOI Build-Up for 2,310 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
$117.8K $51.00/SF
− Vacancy
−$2.2K −$0.97/SF
EGI
$115.6K $50.03/SF
− OpEx
−$34.7K −$15.01/SF
NOI
$80.9K $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%
$1,618,000
Cap Rate 7%
$1,155,714
Cap Rate 9%
$898,889
Alternative Uses
Best Use
Multifamily LT 5
$1.16M
$1.01M – $1.35M
NOI $80,900 @ 7.0% cap · market cap 4.05%
Second Best
Apartment 5plus
$1.01M
$881.5K – $1.18M
NOI $70,522 @ 7.0% cap · market cap 3.53%
Theoretical Best
Specialty Retail
$1.91M
$1.67M – $2.23M
NOI $133,888 @ 7.0% cap · market cap 6.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,578
Businesses Nearby
Explore this area
Business Placement
Demographics for 11230, NY
91,391
Population
34,269
Households
2.7
Avg Household Size
35
Median Age
44%
College-Educated
82%
High-School Grad
1.8 sq mi
ZIP Area
50,773
Density / Sq Mi
$69,522
Median Household Income
$43,135
Median Earnings
$1,734
Median Rent
$863,400
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 - Two three-bedroom apartments are complemented by finished lower-level space and a private backyard patio.
Where is this duplex located?
The property is located at 1408 Avenue L Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,999,000.
What are key features of this property?
This property features: Two apartments, each with 3 bedrooms and 1 bathroom; 20' x 52' building on a 20' x 100' lot; Full finished basement with separate entrances
