Two-Unit Duplex with
For Sale
$1,400,000
1543 E 38th St, Brooklyn, NY 11234
Multiple levels provide distinct living, dining, kitchen, bedroom, and bath areas for flexible residential use.
Property Size2,166 SF
Days on Market18
Property Features for 1543 E 38th St
General Information
Standard status
Active
Size
2,166 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,719
Amenities
central air conditioning
split-unit system
front balcony
Building Details
Building Size
2,166 SF
Year Built
1925
Stories
2
Listing Agency:
The BehfarTeam LLC
Listed By:
Karen Behfar
(347) 988-2526
Source:
Elliman
Added: Aug 18
Changed: Sep 2
Last Checked: Sep 4 at 12:23PM
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 The BehfarTeam LLC
Investment Insights
Based on property information with market context.
This seller-occupied duplex offers a two-unit configuration across multiple levels. The main residence includes a living room, formal dining room, eat-in kitchen, den, two bedrooms, and a full bathroom. Central air conditioning serves this level. The basement adds three rooms, two bathrooms, a utility room, and lower-level access.
The second-floor apartment has its own living room, dining room, eat-in kitchen, three bedrooms, and a full bathroom. A front balcony provides outdoor space, while a split-unit system supports comfort in the upper apartment. Built in 1925, the property also benefits from a walkable and transit-connected setting, with a Walk Score of 84, Transit Score of 80, and Bike Score of 68.
The second-floor apartment has its own living room, dining room, eat-in kitchen, three bedrooms, and a full bathroom. A front balcony provides outdoor space, while a split-unit system supports comfort in the upper apartment. Built in 1925, the property also benefits from a walkable and transit-connected setting, with a Walk Score of 84, Transit Score of 80, and Bike Score of 68.
Key Highlights
- Two‑unit duplex with main residence and second‑floor apartment
- Main level includes two bedrooms, den, formal dining room, and eat‑in kitchen
- Basement contains three rooms, two bathrooms, utility room, and lower‑level access
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
$75,857
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
5.42%
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%
$1,517,140
$1.5M
Cap Rate 7%
$1,083,671
$1.1M
Cap Rate 9%
$842,856
$842.9K
Market Conditions
NOI Build-Up for 2,166 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
$110.5K $51.00/SF
− Vacancy
−$2.1K −$0.97/SF
EGI
$108.4K $50.03/SF
− OpEx
−$32.5K −$15.01/SF
NOI
$75.9K $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%
$1,517,140
Cap Rate 7%
$1,083,671
Cap Rate 9%
$842,856
Alternative Uses
Best Use
Multifamily LT 5
$1.08M
$948.2K – $1.26M
NOI $75,857 @ 7.0% cap · market cap 5.42%
Second Best
Apartment 5plus
$944.7K
$826.6K – $1.10M
NOI $66,126 @ 7.0% cap · market cap 4.72%
Theoretical Best
Specialty Retail
$1.79M
$1.57M – $2.09M
NOI $125,541 @ 7.0% cap · market cap 8.97%
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
3,456
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?
Duplex - Multiple levels provide distinct living, dining, kitchen, bedroom, and bath areas for flexible residential use.
Where is this duplex located?
The property is located at 1543 E 38th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Two‑unit duplex with main residence and second‑floor apartment; Main level includes two bedrooms, den, formal dining room, and eat‑in kitchen; Basement contains three rooms, two bathrooms, utility room, and lower‑level access
