Brick Duplex with Detached
For Sale
$929,000
1548 E 38th Street, Brooklyn, NY 11234
Residential, Duplex, Brooklyn, NY
Property Size1,444 SF
Lot Size0.05 Acres
Price / SF$643.35
Days on Market56
Property Features for 1548 E 38th Street
General Information
Property type
Residential
Property subtype
Duplex
Zoning
R3-2
Bedrooms
3
Bathrooms
2
Full bathrooms
1
Rooms
Bathroom 2, Bedroom 3, Bedroom 1, Bedroom 2, Bathroom 1
Parking features
Garage - Detached
Interior features
A/C Unit - Wall, Dishwasher, Dryer, Refrigerator, Stove, Washer
Basement
Full, Finished
Subdivision
Marine Park
Standard status
Active
Size
1,444 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
8009
Amenities
original hardwood floors
finished basement
summer kitchen
private rear yard
Building Details
Year built
1925
Flooring type
Hardwood
Building materials
Brick
Architectural style
Other
Listing Agency:
Century 21 Homefront Realty
(718) 252-6060
Listed By:
Delton Cheng · License #31CH0928260
(718) 514-1720
Added: Jul 27
Changed: Sep 15
Last Checked: Sep 20 at 3:06AM
MLS# 503282
Copyright © 2026 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,444-square-foot brick duplex was built in 1925 and includes three bedrooms and two bathrooms. Hardwood flooring extends through the interior, while the home is equipped with wall-mounted A/C, a dishwasher, refrigerator, stove, washer, and dryer. A finished basement has its own entrance, summer kitchen, and three-quarter bathroom, adding flexible enclosed space. The property also includes a detached one-car garage, shared driveway access, and a private rear yard.
The property is located at 1548 E 38th Street in Brooklyn, NY 11234. Bus service is available on Kings Highway via the B7 and B82 routes, with additional B9 and B41 service along Flatbush Avenue. The 0.0465-acre lot places the residence within a primarily residential setting near shopping, dining, and daily services.
The property is located at 1548 E 38th Street in Brooklyn, NY 11234. Bus service is available on Kings Highway via the B7 and B82 routes, with additional B9 and B41 service along Flatbush Avenue. The 0.0465-acre lot places the residence within a primarily residential setting near shopping, dining, and daily services.
Key Highlights
- 1,444‑square‑foot brick duplex built in 1925
- Three bedrooms and two bathrooms
- Finished basement with separate entrance, summer kitchen, and three‑quarter bathroom
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
$50,571
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
5.44%
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%
$1,011,420
$1.0M
Cap Rate 7%
$722,443
$722.4K
Cap Rate 9%
$561,900
$561.9K
Market Conditions
NOI Build-Up for 1,444 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
$73.6K $51.00/SF
− Vacancy
−$1.4K −$0.97/SF
EGI
$72.2K $50.03/SF
− OpEx
−$21.7K −$15.01/SF
NOI
$50.6K $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%
$1,011,420
Cap Rate 7%
$722,443
Cap Rate 9%
$561,900
Alternative Uses
Best Use
Multifamily LT 5
$722.4K
$632.1K – $842.9K
NOI $50,571 @ 7.0% cap · market cap 5.44%
Second Best
Apartment 5plus
$629.8K
$551.1K – $734.7K
NOI $44,084 @ 7.0% cap · market cap 4.75%
Theoretical Best
Specialty Retail
$1.20M
$1.05M – $1.39M
NOI $83,694 @ 7.0% cap · market cap 9.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained Brooklyn property with hardwood interiors, finished lower-level space, rear yard, and off-street parking.
Where is this duplex located?
The property is located at 1548 E 38th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $929,000.
What are key features of this property?
This property features: 1,444‑square‑foot brick duplex built in 1925; Three bedrooms and two bathrooms; Finished basement with separate entrance, summer kitchen, and three‑quarter bathroom
