Duplex with Finished
For Sale
$799,000
2023 E 53rd Street, Brooklyn, NY 11234
Residential, Duplex, Brooklyn, NY
Property Size1,098 SF
Lot Size0.07 Acres
Price / SF$727.69
Days on Market56
Property Features for 2023 E 53rd Street
General Information
Property type
Residential
Property subtype
Duplex
Zoning
R5
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bedroom 1, Bedroom 2, Bathroom 1
Interior features
Dishwasher, Dryer, Refrigerator, Stove, Washer
Basement
Finished
Subdivision
Mill Basin
Standard status
Active
Size
1,098 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
5223
Amenities
hardwood floors
updated kitchen
finished basement
private backyard
private driveway
Building Details
Year built
1930
Floors in Building
2
Flooring type
Hardwood, Tile
Roof type
Shingle
Architectural style
Other
Listing Agency:
RE/MAX Edge · RE/MAX International
Listed By:
Ming Mei (Maymay) Weng
(718) 612-3088
Added: Aug 7
Changed: Sep 16
Last Checked: Oct 1 at 4:06PM
MLS# 503617
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 R5-zoned duplex contains 1,098 square feet with three bedrooms and two bathrooms. The residence includes an open living arrangement, hardwood and tile flooring, an updated kitchen with a dishwasher, refrigerator, stove, and cabinet storage, plus a finished basement with its own entrance and laundry area. The property was built in 1930 and sits on a 30x100 lot with a shingle roof, private driveway, parking for multiple vehicles, and a backyard suited to outdoor gatherings.
The Brooklyn property is near Kings Plaza Shopping Center, along with shopping, restaurants, entertainment, parks, and recreational facilities. Nearby B41, B46, B47, and B100 bus service provides connections throughout Brooklyn and surrounding areas.
The Brooklyn property is near Kings Plaza Shopping Center, along with shopping, restaurants, entertainment, parks, and recreational facilities. Nearby B41, B46, B47, and B100 bus service provides connections throughout Brooklyn and surrounding areas.
Key Highlights
- 1,098 Square Feet of property size
- 0.0689‑acre lot measuring 30x100
- R5 zoning
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
$38,454
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
4.81%
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%
$769,080
$769.1K
Cap Rate 7%
$549,343
$549.3K
Cap Rate 9%
$427,267
$427.3K
Market Conditions
NOI Build-Up for 1,098 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
$56.0K $51.00/SF
− Vacancy
−$1.1K −$0.97/SF
EGI
$54.9K $50.03/SF
− OpEx
−$16.5K −$15.01/SF
NOI
$38.5K $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%
$769,080
Cap Rate 7%
$549,343
Cap Rate 9%
$427,267
Alternative Uses
Best Use
Multifamily LT 5
$549.3K
$480.7K – $640.9K
NOI $38,454 @ 7.0% cap · market cap 4.81%
Second Best
Apartment 5plus
$478.9K
$419.0K – $558.7K
NOI $33,521 @ 7.0% cap · market cap 4.20%
Theoretical Best
Specialty Retail
$909.1K
$795.5K – $1.06M
NOI $63,640 @ 7.0% cap · market cap 7.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
2,008
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Finished basement adds separate-entry space and a laundry area, with private driveway parking.
Where is this duplex located?
The property is located at 2023 E 53rd Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 1,098 Square Feet of property size; 0.0689‑acre lot measuring 30x100; R5 zoning
