Renovated Detached
New
For Sale
$1,188,000
1623 Hendrickson St, Brooklyn, NY 11234
Two separate apartments, a finished basement, private outdoor space, and substantial parking support flexible residential use.
Property Size2,352 SF
Lot Size0.09 Acres
Days on Market3
Property Features for 1623 Hendrickson St
General Information
Standard status
Active
Size
2,352 SF
Total Parking Spaces
7
Lot size
0.09 Acres
Property subtype
Multi Family
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 1BR, 1 x 2BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,067
Building Details
Building Size
2,352 SF
Year Built
1920
Buildings
1
Stories
2
Listing Agency:
Citi Star Realty
(718) 332-6669
Listed By:
Mohamed Mahmoud
(718) 332-6669
Source:
Elliman
Added: Aug 11
Changed: Aug 12
Last Checked: Aug 13 at 9:08AM
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 Citi Star Realty
Investment Insights
Based on property information with market context.
This detached duplex in Marine Park contains two renovated apartments arranged over a full finished basement. The upper residence offers one bedroom, a spacious living room, an eat-in kitchen, a full bathroom, and its own entrance. The lower two-bedroom apartment adds a large living room, eat-in kitchen, formal dining room, and full bathroom. Improvements include new kitchens, appliances, boiler, hot water heater, windows, and parquet flooring.
The property occupies a 4,000 square foot lot with front, side, and rear yards. A private driveway accommodates 5 cars, supplemented by a detached 2-car garage. The home is near Flatbush Avenue's restaurants, shops, Brooklyn Public Library, pharmacies, schools, Kings Plaza Mall, and banks. Bus service includes the B9, B41, and Q35, with a walk score of 80, transit score of 79, and bike score of 64. Built in 1920.
The property occupies a 4,000 square foot lot with front, side, and rear yards. A private driveway accommodates 5 cars, supplemented by a detached 2-car garage. The home is near Flatbush Avenue's restaurants, shops, Brooklyn Public Library, pharmacies, schools, Kings Plaza Mall, and banks. Bus service includes the B9, B41, and Q35, with a walk score of 80, transit score of 79, and bike score of 64. Built in 1920.
Key Highlights
- Detached two‑family home on a 4,000 square foot lot
- Renovated 1‑bedroom apartment with separate entrance
- Lower 2‑bedroom apartment with formal dining room
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
$82,371
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
6.93%
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%
$1,647,420
$1.6M
Cap Rate 7%
$1,176,729
$1.2M
Cap Rate 9%
$915,233
$915.2K
Market Conditions
NOI Build-Up for 2,352 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
$120.0K $51.00/SF
− Vacancy
−$2.3K −$0.97/SF
EGI
$117.7K $50.03/SF
− OpEx
−$35.3K −$15.01/SF
NOI
$82.4K $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%
$1,647,420
Cap Rate 7%
$1,176,729
Cap Rate 9%
$915,233
Alternative Uses
Best Use
Multifamily LT 5
$1.18M
$1.03M – $1.37M
NOI $82,371 @ 7.0% cap · market cap 6.93%
Second Best
Apartment 5plus
$1.03M
$897.6K – $1.20M
NOI $71,804 @ 7.0% cap · market cap 6.04%
Theoretical Best
Specialty Retail
$1.95M
$1.70M – $2.27M
NOI $136,322 @ 7.0% cap · market cap 11.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,471
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 - Two separate apartments, a finished basement, private outdoor space, and substantial parking support flexible residential use.
Where is this duplex located?
The property is located at 1623 Hendrickson St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,188,000.
What are key features of this property?
This property features: Detached two‑family home on a 4,000 square foot lot; Renovated 1‑bedroom apartment with separate entrance; Lower 2‑bedroom apartment with formal dining room
