Waterfront 2-Family
For Sale
$1,320,000
2222 National Drive, Brooklyn, NY 11234
Residential, Brooklyn, NY
Property Size1,197 SF
Lot Size0.07 Acres
Price / SF$1,102
Days on Market474
Property Features for 2222 National Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 3, Bathroom 1
Interior features
A/C Unit
Subdivision
Mill Basin
Standard status
Active
Size
1,197 SF
Lot size
0.07 Acres
Amenities
waterfront access
private terrace
private driveway
backyard
modern open kitchen
Building Details
Flooring type
Hardwood
Building materials
Wood Frame
Listing Agency:
Double Door Realty Inc
(917) 589-1991
Listed By:
Cheryl Samouha
(718) 627-8800
Added: Jun 9, 2025
Changed: Sep 22
Last Checked: Sep 25 at 6:06AM
MLS# 493342
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 2-family duplex at 2222 National Drive includes a 3-bedroom, 2-bath main unit and a second unit with 2 bedrooms and 1 full bathroom. The main residence features an open kitchen renovated in 2017, hardwood flooring, A/C, and a private terrace overlooking the backyard. The property contains 1,197 square feet on a 0.0744-acre lot and is constructed with a wood frame.
Direct waterfront access extends to the property, with the potential to install a private dock. A private driveway serves the second unit, while the two-unit configuration provides separate living areas within the residence.
Direct waterfront access extends to the property, with the potential to install a private dock. A private driveway serves the second unit, while the two-unit configuration provides separate living areas within the residence.
Key Highlights
- Waterfront 2‑family property at 2222 National Drive, Brooklyn, NY 11234
- Main unit offers 3 bedrooms and 2 bathrooms
- Second unit includes 2 bedrooms and 1 full 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
$41,921
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
3.18%
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%
$838,420
$838.4K
Cap Rate 7%
$598,871
$598.9K
Cap Rate 9%
$465,789
$465.8K
Market Conditions
NOI Build-Up for 1,197 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
$61.0K $51.00/SF
− Vacancy
−$1.2K −$0.97/SF
EGI
$59.9K $50.03/SF
− OpEx
−$18.0K −$15.01/SF
NOI
$41.9K $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%
$838,420
Cap Rate 7%
$598,871
Cap Rate 9%
$465,789
Alternative Uses
Best Use
Multifamily LT 5
$598.9K
$524.0K – $698.7K
NOI $41,921 @ 7.0% cap · market cap 3.18%
Second Best
Apartment 5plus
$522.0K
$456.8K – $609.1K
NOI $36,543 @ 7.0% cap · market cap 2.77%
Theoretical Best
Specialty Retail
$991.1K
$867.2K – $1.16M
NOI $69,378 @ 7.0% cap · market cap 5.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,084
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Renovated two-unit residence with direct waterfront access, private driveway, terrace, and flexible living arrangements.
Where is this duplex located?
The property is located at 2222 National Drive Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,320,000.
What are key features of this property?
This property features: Waterfront 2‑family property at 2222 National Drive, Brooklyn, NY 11234; Main unit offers 3 bedrooms and 2 bathrooms; Second unit includes 2 bedrooms and 1 full bathroom
