Renovated Duplex With Finished
For Sale
$859,000
214 E 38th Street, Brooklyn, NY 11203
Residential, Duplex, Brooklyn, NY
Property Size1,216 SF
Lot Size0.05 Acres
Price / SF$706.41
Days on Market11
Property Features for 214 E 38th Street
General Information
Property type
Residential
Property subtype
Duplex
Zoning
r5
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bedroom 2, Bathroom 1, Bedroom 1
Parking features
Garage - Detached
Interior features
Dishwasher, Laundry Area, Microwave, Refrigerator, Stove
Basement
Finished
Subdivision
East Flatbush
Standard status
Active
Size
1,216 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
5710
Amenities
garage
finished basement
laundry area
Building Details
Year built
1920
Floors in Building
2
Flooring type
Hardwood, Parquet Wood, Ceramic
Building materials
Wood Frame
Roof type
Flat
Architectural style
Other
Listing Agency:
RE/MAX Edge · RE/MAX International
(718) 612-3088
Listed By:
Barbara Horan
(718) 612-3088
Added: Aug 18
Changed: Aug 25
Last Checked: Aug 28 at 11:06AM
MLS# 503876
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 duplex contains 1,216 square feet on a 0.0459-acre lot and was built in 1920. The interior includes three bedrooms, two full bathrooms, formal living and dining rooms, and an open kitchen with quartz countertops, stainless-steel appliances, a dishwasher, microwave, refrigerator, and stove. Parquet and hardwood flooring extend through the main living areas, while ceramic tile is used in other spaces. A finished basement adds tiled flooring, a 3/4 C/T bath, separate laundry area, and side entry.
The property includes a shared driveway and detached garage. It is located near transportation, shopping, restaurants, and Kings County Medical Center. The property is identified with R5 zoning and features wood-frame construction with a flat roof.
The property includes a shared driveway and detached garage. It is located near transportation, shopping, restaurants, and Kings County Medical Center. The property is identified with R5 zoning and features wood-frame construction with a flat roof.
Key Highlights
- 1,216‑square‑foot duplex on a 0.0459‑acre lot
- Three bedrooms and two full bathrooms
- Finished basement with 3/4 C/T bath, laundry area, and side entry
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
$42,586
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
4.96%
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%
$851,720
$851.7K
Cap Rate 7%
$608,371
$608.4K
Cap Rate 9%
$473,178
$473.2K
Market Conditions
NOI Build-Up for 1,216 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
$62.0K $51.00/SF
− Vacancy
−$1.2K −$0.97/SF
EGI
$60.8K $50.03/SF
− OpEx
−$18.3K −$15.01/SF
NOI
$42.6K $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 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%
$851,720
Cap Rate 7%
$608,371
Cap Rate 9%
$473,178
Alternative Uses
Best Use
Multifamily LT 5
$608.4K
$532.3K – $709.8K
NOI $42,586 @ 7.0% cap · market cap 4.96%
Second Best
Apartment 5plus
$530.3K
$464.0K – $618.7K
NOI $37,123 @ 7.0% cap · market cap 4.32%
Theoretical Best
Specialty Retail
$1.01M
$881.0K – $1.17M
NOI $70,479 @ 7.0% cap · market cap 8.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
5,541
Businesses Nearby
Explore this area
Business Placement
Demographics for 11203, NY
81,824
Population
33,434
Households
2.4
Avg Household Size
41
Median Age
26%
College-Educated
88%
High-School Grad
2.1 sq mi
ZIP Area
38,964
Density / Sq Mi
$68,028
Median Household Income
$47,302
Median Earnings
$1,566
Median Rent
$677,700
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 - Updated interiors include an open kitchen, formal living and dining rooms, and a finished basement.
Where is this duplex located?
The property is located at 214 E 38th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $859,000.
What are key features of this property?
This property features: 1,216‑square‑foot duplex on a 0.0459‑acre lot; Three bedrooms and two full bathrooms; Finished basement with 3/4 C/T bath, laundry area, and side entry
