Brick Two-Family with Private
For Sale
$1,649,000
1940 W 3rd Street, Brooklyn, NY 11223
MULTI_FAMILY - Brooklyn, NY
Property Size1,760 SF
Lot Size0.06 Acres
Price / SF$936.93
Days on Market746
Property Features for 1940 W 3rd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R4-1
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Half bathrooms
1
Rooms
Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 2, Bedroom 3, Bedroom 1
Parking features
Garage - Detached
Interior features
Dishwasher, Dryer, Laundry Area, Microwave, Refrigerator, Stove, Terrace
Basement
Finished, Full
Subdivision
Gravesend
Standard status
Active
Size
1,760 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
6002
Amenities
backyard
veranda
outdoor kitchen
Building Details
Year built
1925
Floors in Building
2
Number of units
2
Flooring type
Tile, Ceramic, Hardwood
Building materials
Brick
Roof type
Flat
Listing Agency:
RE/MAX Real Estate Professiona
(718) 532-2000
Listed By:
Vito Angelo · License #40AN0957928
(718) 532-2000
Added: Jul 30, 2024
Changed: Aug 5
Last Checked: Aug 14 at 12:06AM
MLS# 484894
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.
A brick two-family residence with an extra-wide private driveway and a full finished basement. The home features custom Italian kitchens, new bathrooms, and interior finishes including hardwood, ceramic, and tile floors. The layout includes multiple bedrooms and bathrooms plus terrace space.
Set on a 0.0551-acre lot, the property totals 1,760 square feet and was built in 1925. A flat roof and a detached garage support day-to-day convenience. Outdoor living is highlighted by an extra-private European backyard with a veranda and an outdoor kitchen.
Additional interior amenities include a dishwasher, dryer, microwave, refrigerator, laundry area, and stove.
Set on a 0.0551-acre lot, the property totals 1,760 square feet and was built in 1925. A flat roof and a detached garage support day-to-day convenience. Outdoor living is highlighted by an extra-private European backyard with a veranda and an outdoor kitchen.
Additional interior amenities include a dishwasher, dryer, microwave, refrigerator, laundry area, and stove.
Key Highlights
- Brick two‑family with extra‑wide private driveway
- European backyard with veranda and outdoor kitchen
- Full finished basement
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
$61,638
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
3.74%
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%
$1,232,760
$1.2M
Cap Rate 7%
$880,543
$880.5K
Cap Rate 9%
$684,867
$684.9K
Market Conditions
NOI Build-Up for 1,760 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
$89.8K $51.00/SF
− Vacancy
−$1.7K −$0.97/SF
EGI
$88.1K $50.03/SF
− OpEx
−$26.4K −$15.01/SF
NOI
$61.6K $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%
$1,232,760
Cap Rate 7%
$880,543
Cap Rate 9%
$684,867
Alternative Uses
Best Use
Multifamily LT 5
$880.5K
$770.5K – $1.03M
NOI $61,638 @ 7.0% cap · market cap 3.74%
Second Best
Apartment 5plus
$767.6K
$671.6K – $895.5K
NOI $53,731 @ 7.0% cap · market cap 3.26%
Theoretical Best
Specialty Retail
$1.46M
$1.28M – $1.70M
NOI $102,010 @ 7.0% cap · market cap 6.19%
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
3,495
Businesses Nearby
Explore this area
Business Placement
Demographics for 11223, NY
83,519
Population
28,857
Households
2.9
Avg Household Size
37
Median Age
34%
College-Educated
78%
High-School Grad
2.1 sq mi
ZIP Area
39,771
Density / Sq Mi
$63,950
Median Household Income
$40,592
Median Earnings
$1,653
Median Rent
$1,063,200
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 two-family on R4-1 zoned lot with a detached garage and private outdoor backyard space.
Where is this duplex located?
The property is located at 1940 W 3rd Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,649,000.
What are key features of this property?
This property features: Brick two‑family with extra‑wide private driveway; European backyard with veranda and outdoor kitchen; Full finished basement
