Renovated Two-Family Detached
New
For Sale
$1,188,000
1623 Hendrickson Street, Brooklyn, NY 11234
MULTI_FAMILY - Brooklyn, NY
Property Size2,352 SF
Lot Size0.09 Acres
Price / SF$505.10
Days on Market2
Property Features for 1623 Hendrickson Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3-2
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Parking features
Garage - Detached
Interior features
Dishwasher, Microwave, Refrigerator, Stove
Basement
Finished, Full
Subdivision
Marine Park
Standard status
Active
Size
2,352 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
8067
Amenities
yards
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Flooring type
Hardwood
Building materials
Brick
Listing Agency:
Citi Star Inc
(718) 332-6669
Listed By:
Mohamed Mahmoud
(718) 332-6669
Added: Aug 10
Last Checked: Aug 11 at 5:06PM
MLS# 503660
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 detached brick duplex, built in 1920, offers 2,352 square feet on a 4,000-square-foot lot. The upper apartment includes 1 bedroom, a large living room, an eat-in kitchen, a full bathroom, and a separate entrance. A 2-bedroom apartment below provides a large living room, eat-in kitchen, formal dining room, and full bathroom. The full finished basement adds usable interior space.
Recent improvements include renovated kitchens, new appliances, a boiler, hot water heater, windows, and parquet flooring. Hardwood floors, a dishwasher, microwave, refrigerator, and stove are included. The property also features front, side, and rear yards, a private driveway with parking for 5 cars, and a detached 2-car garage.
Located on Hendrickson Street in Brooklyn, the property is served by the B9, B41, and Q35 bus routes. Flatbush Avenue is a few blocks away, with restaurants, retailers, pharmacies, schools, the Brooklyn Public Library, banks, and Kings Plaza Mall nearby. Zoning is R3-2.
Recent improvements include renovated kitchens, new appliances, a boiler, hot water heater, windows, and parquet flooring. Hardwood floors, a dishwasher, microwave, refrigerator, and stove are included. The property also features front, side, and rear yards, a private driveway with parking for 5 cars, and a detached 2-car garage.
Located on Hendrickson Street in Brooklyn, the property is served by the B9, B41, and Q35 bus routes. Flatbush Avenue is a few blocks away, with restaurants, retailers, pharmacies, schools, the Brooklyn Public Library, banks, and Kings Plaza Mall nearby. Zoning is R3-2.
Key Highlights
- 2,352‑square‑foot detached duplex on a 4,000‑square‑foot lot
- 1‑bedroom and 2‑bedroom apartments with separate living and dining areas
- Full finished basement and updated kitchens, appliances, boiler, windows, and flooring
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 - Brick duplex with updated kitchens, finished basement, private driveway, detached garage, and landscaped outdoor areas.
Where is this duplex located?
The property is located at 1623 Hendrickson Street 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: 2,352‑square‑foot detached duplex on a 4,000‑square‑foot lot; 1‑bedroom and 2‑bedroom apartments with separate living and dining areas; Full finished basement and updated kitchens, appliances, boiler, windows, and flooring
