Duplex Residential Income Property with
For Sale
$950,000
198 21ST Street 1A, Brooklyn, NY 11232
Two-level condominium with a private patio, garden, storage cage, and direct laundry access.
Property Size1,072 SF
Price / SF$886.19
Days on Market95
Property Features for 198 21ST Street 1A
General Information
Standard status
Active
Size
1,072 SF
Property subtype
Duplex
Building Details
Building Size
1,072 SF
Year Built
2005
Listing Agency:
Corcoran Group
Listed By:
Angie N Yang · License #40YA1177729 (NY)
(646) 321-7983
Source:
Carlinwright
Added: Jun 2
Changed: Sep 3
Last Checked: Sep 4 at 10:26AM
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 Corcoran Group
Investment Insights
Based on property information with market context.
Apartment 1A is a duplex condominium with 1,072 square feet of interior space, two bedrooms, and one full and one half bathroom. The main level combines the living and dining areas with an open kitchen featuring granite countertops, maple cabinetry, stainless steel appliances, and counter seating. Sliding glass doors lead to a private patio and 500-square-foot garden. Hardwood flooring and central air conditioning are provided throughout the home.
The primary bedroom and full marble bathroom are located on the main level. Below, the second bedroom can also function as a recreation room, office, or media area and includes a half bathroom, along with direct access to personal storage and laundry. Additional storage includes a cage approximately 80"X37". Built in 2005, the property is on 21st Street near Prospect Park, Greenwood Cemetery, Industry City, neighborhood restaurants, cafés, and boutiques, with access to the N, R, and D trains.
The primary bedroom and full marble bathroom are located on the main level. Below, the second bedroom can also function as a recreation room, office, or media area and includes a half bathroom, along with direct access to personal storage and laundry. Additional storage includes a cage approximately 80"X37". Built in 2005, the property is on 21st Street near Prospect Park, Greenwood Cemetery, Industry City, neighborhood restaurants, cafés, and boutiques, with access to the N, R, and D trains.
Key Highlights
- Duplex condominium with 1,072 square feet of interior space
- 500‑square‑foot private garden connected to the patio
- Two bedrooms, one full bathroom, and one half bathroom
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
$32,727
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
3.44%
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%
$654,540
$654.5K
Cap Rate 7%
$467,529
$467.5K
Cap Rate 9%
$363,633
$363.6K
Market Conditions
NOI Build-Up for 1,072 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
$60.7K $56.64/SF
− Vacancy
−$1.2K −$1.13/SF
EGI
$59.5K $55.51/SF
− OpEx
−$26.8K −$24.98/SF
NOI
$32.7K $30.53/SF
Area
Brooklyn, NY
Vacancy
2.00%
Lease Rate
$56.64 /SF/Yr
Expense Ratio
45.00%
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%
$654,540
Cap Rate 7%
$467,529
Cap Rate 9%
$363,633
Alternative Uses
Best Use
Apartment 5plus
$467.5K
$409.1K – $545.5K
NOI $32,727 @ 7.0% cap · market cap 3.44%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$887.6K
$776.7K – $1.04M
NOI $62,133 @ 7.0% cap · market cap 6.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,261
Businesses Nearby
Explore this area
Business Placement
Demographics for 11232, NY
30,181
Population
10,004
Households
3
Avg Household Size
35
Median Age
36%
College-Educated
69%
High-School Grad
1.2 sq mi
ZIP Area
25,151
Density / Sq Mi
$87,517
Median Household Income
$45,983
Median Earnings
$1,972
Median Rent
$782,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-level condominium with a private patio, garden, storage cage, and direct laundry access.
Where is this residential income property located?
The property is located at 198 21ST Street 1A Brooklyn, NY.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: Duplex condominium with 1,072 square feet of interior space; 500‑square‑foot private garden connected to the patio; Two bedrooms, one full bathroom, and one half bathroom
