Brick Two-Family Duplex with Finished
For Sale
$879,000
2098 Utica Avenue, Brooklyn, NY 11234
MULTI_FAMILY - Brooklyn, NY
Property Size1,746 SF
Lot Size0.04 Acres
Price / SF$503.44
Days on Market168
Property Features for 2098 Utica Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3-2
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bathroom 3, Bathroom 2, Bathroom 1, Bedroom 4, Bedroom 2, Bedroom 3
Interior features
Refrigerator, Stove
Basement
Full, Finished
Subdivision
Old Mill Basin
Standard status
Active
Size
1,746 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
5648
Building Details
Year built
1955
Floors in Building
2
Number of units
2
Flooring type
Tile, Parquet Wood, Laminate
Building materials
Brick, Masonry
Roof type
Flat
Listing Agency:
RE/MAX Real Estate Professiona
(718) 532-2000
Listed By:
Lana Headley · License #10301207675
(718) 532-2000
Added: Feb 26
Changed: Aug 7
Last Checked: Aug 13 at 11:06AM
MLS# 499211
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.
Brick two-family duplex with a finished basement and flat roof, built in 1955. The home includes four bedrooms and three bathrooms across the first and second floors, plus a finished basement with two bonus rooms, a bathroom, and additional storage. A separate boiler room is also included. Interior flooring features laminate, parquet wood, and tile. Interior features include a refrigerator and stove.
The second-floor apartment is vacant and recently updated, offering laminate floors, a spacious living and dining area, and a modern kitchen with new cabinetry and granite countertops. It also includes an updated bathroom with vinyl flooring, three bedrooms with ample closet space, additional storage, and roof access. The first floor includes one bedroom with potential for two, a large primary bedroom with generous closet space and direct backyard access, a full bathroom, a living room with parquet floors, an eat-in kitchen, extra storage, and interior access to the basement.
The property is set on a 0.0432-acre lot and is zoned R3-2.
The second-floor apartment is vacant and recently updated, offering laminate floors, a spacious living and dining area, and a modern kitchen with new cabinetry and granite countertops. It also includes an updated bathroom with vinyl flooring, three bedrooms with ample closet space, additional storage, and roof access. The first floor includes one bedroom with potential for two, a large primary bedroom with generous closet space and direct backyard access, a full bathroom, a living room with parquet floors, an eat-in kitchen, extra storage, and interior access to the basement.
The property is set on a 0.0432-acre lot and is zoned R3-2.
Key Highlights
- R3‑2 zoning for a two‑family brick duplex
- 0.0432‑acre lot with backyard access
- Finished basement with two bonus rooms, bathroom, extra storage, and separate boiler room
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
$61,148
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
6.96%
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%
$1,222,960
$1.2M
Cap Rate 7%
$873,543
$873.5K
Cap Rate 9%
$679,422
$679.4K
Market Conditions
NOI Build-Up for 1,746 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
$89.0K $51.00/SF
− Vacancy
−$1.7K −$0.97/SF
EGI
$87.4K $50.03/SF
− OpEx
−$26.2K −$15.01/SF
NOI
$61.1K $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%
$1,222,960
Cap Rate 7%
$873,543
Cap Rate 9%
$679,422
Alternative Uses
Best Use
Multifamily LT 5
$873.5K
$764.4K – $1.02M
NOI $61,148 @ 7.0% cap · market cap 6.96%
Second Best
Apartment 5plus
$761.5K
$666.3K – $888.4K
NOI $53,304 @ 7.0% cap · market cap 6.06%
Theoretical Best
Specialty Retail
$1.45M
$1.26M – $1.69M
NOI $101,198 @ 7.0% cap · market cap 11.51%
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
2,873
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two-family brick duplex in R3-2 zoning with a finished basement, flat roof, and an updated vacant second-floor unit.
Where is this duplex located?
The property is located at 2098 Utica Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $879,000.
What are key features of this property?
This property features: R3‑2 zoning for a two‑family brick duplex; 0.0432‑acre lot with backyard access; Finished basement with two bonus rooms, bathroom, extra storage, and separate boiler room
