Brick Duplex with Private
For Sale
$1,649,000
1940 W 3rd Street, Brooklyn, NY 11223
Residential, Brooklyn, NY
Property Size1,760 SF
Lot Size0.06 Acres
Price / SF$936.93
Days on Market804
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
Bedroom 2, Bedroom 1, Bedroom 3, Bathroom 3, Bathroom 1, Bathroom 2
Parking features
Garage - Detached
Interior features
Dishwasher, Dryer, Laundry Area, Microwave, Refrigerator, Stove, Terrace
Basement
Full, Finished
Subdivision
Gravesend
Standard status
Active
Size
1,760 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
6002
Amenities
custom Italian kitchens
new bathrooms
private driveway
veranda
outdoor kitchen
full finished basement
Building Details
Year built
1925
Floors in Building
2
Number of units
2
Flooring type
Tile, Hardwood, Ceramic
Building materials
Brick
Roof type
Flat
Listing Agency:
RE/MAX Real Estate Professiona
(718) 532-2000
Listed By:
Vito Angelo · License #VITLO524
(718) 887-5708
Added: Jul 30, 2024
Changed: Oct 10
Last Checked: Oct 11 at 9:06AM
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.
This 1,760-square-foot duplex is a two-family brick residence built in 1925. The interior includes custom Italian kitchens, new bathrooms, three bedrooms, three bathrooms, a laundry area, and a finished basement. Hardwood, tile, and ceramic flooring are present, along with a detached garage and a flat roof.
Outdoor features include a private driveway, a veranda, and an outdoor kitchen. The property occupies 0.0551 acres and is located on W 3rd Street in Brooklyn’s 11223 ZIP code. R4-1 zoning applies to the property.
Outdoor features include a private driveway, a veranda, and an outdoor kitchen. The property occupies 0.0551 acres and is located on W 3rd Street in Brooklyn’s 11223 ZIP code. R4-1 zoning applies to the property.
Key Highlights
- Two‑family brick duplex with 1,760 square feet
- 0.0551‑acre lot with an extra‑wide private driveway
- Custom Italian kitchens and new bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$61,638
Cap Rate
3.74%
Suggested Prices Based on Cap Rates
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
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 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
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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
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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 - Custom kitchens, new bathrooms, a finished basement, and an outdoor kitchen support flexible two-family living.
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: Two‑family brick duplex with 1,760 square feet; 0.0551‑acre lot with an extra‑wide private driveway; Custom Italian kitchens and new bathrooms
