Brick Duplex with Finished
New
For Sale
$999,900
1593 Independence Avenue, Brooklyn, NY 11228
Residential, Duplex, Brooklyn, NY
Property Size992 SF
Lot Size0.04 Acres
Price / SF$1,007
Days on Market3
Property Features for 1593 Independence Avenue
General Information
Property type
Residential
Property subtype
Duplex
Zoning
R4
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Bedroom 1, Bathroom 2
Basement
Full, Finished
Subdivision
Bath Beach
Standard status
Active
Size
992 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
9214
Building Details
Year built
1960
Floors in Building
2
Architectural style
Other
Listing Agency:
RE/MAX Edge · RE/MAX International
(718) 612-3088
Listed By:
Allan H. Zhu · License #AHZ7089
(718) 612-3088
Added: Aug 28
Changed: Aug 30
Last Checked: Aug 30 at 2:06AM
MLS# 504141
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 992-square-foot brick duplex was built in 1960 and includes two bedrooms, two bathrooms, a finished basement, and a detached garage. The exterior wall has been repointed, while the kitchen and bathrooms have been updated with new materials. Oversized windows and closet storage are also noted. The property occupies a 16-by-106-foot lot, with a 16-by-31-foot building footprint.
Located on Independence Avenue in Brooklyn’s 11228 ZIP code, the property is near local shops, the shore, and a golf course. R4 zoning is listed for the site. A community driveway provides access to the detached garage.
Located on Independence Avenue in Brooklyn’s 11228 ZIP code, the property is near local shops, the shore, and a golf course. R4 zoning is listed for the site. A community driveway provides access to the detached garage.
Key Highlights
- 992 SF brick duplex built in 1960
- Two bedrooms and two bathrooms
- Finished basement with detached garage
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
$34,742
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
3.47%
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%
$694,840
$694.8K
Cap Rate 7%
$496,314
$496.3K
Cap Rate 9%
$386,022
$386.0K
Market Conditions
NOI Build-Up for 992 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
$50.6K $51.00/SF
− Vacancy
−$961 −$0.97/SF
EGI
$49.6K $50.03/SF
− OpEx
−$14.9K −$15.01/SF
NOI
$34.7K $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%
$694,840
Cap Rate 7%
$496,314
Cap Rate 9%
$386,022
Alternative Uses
Best Use
Multifamily LT 5
$496.3K
$434.3K – $579.0K
NOI $34,742 @ 7.0% cap · market cap 3.47%
Second Best
Apartment 5plus
$432.6K
$378.6K – $504.8K
NOI $30,285 @ 7.0% cap · market cap 3.03%
Theoretical Best
Specialty Retail
$821.4K
$718.7K – $958.3K
NOI $57,496 @ 7.0% cap · market cap 5.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,187
Businesses Nearby
Explore this area
Business Placement
Demographics for 11228, NY
45,906
Population
16,336
Households
2.8
Avg Household Size
41
Median Age
37%
College-Educated
80%
High-School Grad
1.5 sq mi
ZIP Area
30,604
Density / Sq Mi
$80,737
Median Household Income
$47,062
Median Earnings
$1,828
Median Rent
$1,131,700
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 - Updated residential property with a detached garage, community driveway, and two bathrooms.
Where is this duplex located?
The property is located at 1593 Independence Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $999,900.
What are key features of this property?
This property features: 992 SF brick duplex built in 1960; Two bedrooms and two bathrooms; Finished basement with detached garage
