Triplex Property with Attached
For Sale
$840,000
1523 East 34th Street, Brooklyn, NY 11234
R4-zoned residential property with a private drive, renovated lower-level studio, and backyard access.
Property Size2,260 SF
Lot Size0.04 Acres
Price / SF$371.68
Days on Market120
Property Features for 1523 East 34th Street
General Information
Standard status
Active
Size
2,260 SF
Lot size
0.04 Acres
Property subtype
Multi Family Home
Zoning
R4
Units
Unit Mix
3BR/1.5BA duplex, studio apartment
Multifamily Units
2
Amenities
backyard access
Building Details
Building Size
2,260 SF
Year Built
1945
Buildings
1
Stories
2
Listing Agency:
Brooklyn Residential R E Serv
(718) 676-1755
Listed By:
Jack Menashe
(718) 676-1755
Source:
Excellchoicerealty
Added: May 4
Changed: Aug 28
Last Checked: Aug 29 at 10:21AM
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 Brooklyn Residential R E Serv
Investment Insights
Based on property information with market context.
This R4-zoned residential property was built in 1945 and occupies a 19-by-81-foot lot. The 2,260-square-foot building includes a three-bedroom, one-and-a-half-bath residence on the second floor, an attached garage, a private driveway, and a fully renovated studio apartment at the lower level. The studio has separate backyard access and exit. The property may be transferred vacant or with a paying tenant in place.
Located at 1523 East 34th Street in Brooklyn, the property is near houses of worship, shopping, and restaurants. The building measures 19 by 40 feet, with a stated FAR of 1.47/.75 and an R4 zoning designation.
Located at 1523 East 34th Street in Brooklyn, the property is near houses of worship, shopping, and restaurants. The building measures 19 by 40 feet, with a stated FAR of 1.47/.75 and an R4 zoning designation.
Key Highlights
- 2,260‑square‑foot building on a 19‑by‑81‑foot lot
- Fully renovated lower‑level studio with backyard access and exit
- Three‑bedroom, one‑and‑a‑half‑bath second‑floor residence
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
$68,995
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
8.21%
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%
$1,379,900
$1.4M
Cap Rate 7%
$985,643
$985.6K
Cap Rate 9%
$766,611
$766.6K
Market Conditions
NOI Build-Up for 2,260 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
$128.0K $56.64/SF
− Vacancy
−$2.6K −$1.13/SF
EGI
$125.4K $55.51/SF
− OpEx
−$56.5K −$24.98/SF
NOI
$69.0K $30.53/SF
Area
Brooklyn, NY
Vacancy
2.00%
Lease Rate
$56.64 /SF/Yr
Expense Ratio
45.00%
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%
$1,379,900
Cap Rate 7%
$985,643
Cap Rate 9%
$766,611
Alternative Uses
Best Use
Multifamily LT 5
$1.13M
$989.4K – $1.32M
NOI $79,149 @ 7.0% cap · market cap 9.42%
Second Best
Apartment 5plus
$985.6K
$862.4K – $1.15M
NOI $68,995 @ 7.0% cap · market cap 8.21%
Theoretical Best
Specialty Retail
$1.87M
$1.64M – $2.18M
NOI $130,990 @ 7.0% cap · market cap 15.59%
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
3,020
Businesses Nearby
Explore this area
Business Placement
Demographics for 11234, NY
92,133
Population
35,167
Households
2.6
Avg Household Size
41
Median Age
39%
College-Educated
89%
High-School Grad
7.4 sq mi
ZIP Area
12,450
Density / Sq Mi
$94,434
Median Household Income
$55,206
Median Earnings
$1,771
Median Rent
$746,800
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 - R4-zoned residential property with a private drive, renovated lower-level studio, and backyard access.
Where is this triplex located?
The property is located at 1523 East 34th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $840,000.
What are key features of this property?
This property features: 2,260‑square‑foot building on a 19‑by‑81‑foot lot; Fully renovated lower‑level studio with backyard access and exit; Three‑bedroom, one‑and‑a‑half‑bath second‑floor residence
