Old Mill Basin Two-Family
For Sale
$998,000
2068 E 55th St, Brooklyn, NY 11234
Two-family brick property in Old Mill Basin neighborhood.
Property Size2,536 SF
Days on Market117
Property Features for 2068 E 55th St
General Information
Standard status
Active
Size
2,536 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$8,214
Building Details
Building Size
2,536 SF
Year Built
1965
Stories
3
Listing Agency:
Bay Sun Realty Inc.
Listed By:
Chun Sung Ng Richard · License #CN1448
(718) 234-7777
Source:
Elliman
Added: May 15
Changed: Aug 24
Last Checked: Sep 8 at 6:07AM
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 Bay Sun Realty Inc.
Investment Insights
Based on property information with market context.
This attached all-brick two-family property is located in Old Mill Basin. It presents an opportunity for investment or owner-occupancy. The property is situated near Avenue U, Kings Plaza shopping center, Home Depot, and Lowe's, with convenient access to transportation, restaurants, schools, and parks. The property includes two rented parking spaces and a rented garage. The location has a bike score of 66, indicating it is bikeable, a walk score of 84, indicating it is very walkable, and a transit score of 80, indicating excellent transit options.
Key Highlights
- All Brick 2 Family in Old Mill Basin: Ideal for investment or owner‑occupancy.
- Excellent Transit Score of 80: Enjoy convenient access to transportation.
- Very Walkable Score of 84: Benefit from close proximity to amenities.
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
$88,815
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
8.90%
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%
$1,776,300
$1.8M
Cap Rate 7%
$1,268,786
$1.3M
Cap Rate 9%
$986,833
$986.8K
Market Conditions
NOI Build-Up for 2,536 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
$129.3K $51.00/SF
− Vacancy
−$2.5K −$0.97/SF
EGI
$126.9K $50.03/SF
− OpEx
−$38.1K −$15.01/SF
NOI
$88.8K $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%
$1,776,300
Cap Rate 7%
$1,268,786
Cap Rate 9%
$986,833
Alternative Uses
Best Use
Multifamily LT 5
$1.27M
$1.11M – $1.48M
NOI $88,815 @ 7.0% cap · market cap 8.90%
Second Best
Apartment 5plus
$1.11M
$967.8K – $1.29M
NOI $77,421 @ 7.0% cap · market cap 7.76%
Theoretical Best
Specialty Retail
$2.10M
$1.84M – $2.45M
NOI $146,987 @ 7.0% cap · market cap 14.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,349
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-family brick property in Old Mill Basin neighborhood.
Where is this duplex located?
The property is located at 2068 E 55th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $998,000.
What are key features of this property?
This property features: All Brick 2 Family in Old Mill Basin: Ideal for investment or owner‑occupancy.; Excellent Transit Score of 80: Enjoy convenient access to transportation.; Very Walkable Score of 84: Benefit from close proximity to amenities.
