Semi-Detached Two-Family Duplex with
For Sale
$1,188,000
2227 E 15th Street, Brooklyn, NY 11229
MULTI_FAMILY - Brooklyn, NY
Property Size998 SF
Lot Size0.03 Acres
Price / SF$1,190
Days on Market107
Property Features for 2227 E 15th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R4
Bedrooms
4
Bathrooms
3
Full bathrooms
2
Rooms
Bedroom 1, Bedroom 4, Bathroom 3, Bedroom 2, Bedroom 3, Bathroom 1, Bathroom 2
Interior features
A/C Unit, Laundry Area, Refrigerator, Stove, Washer
Basement
Full, Finished
Subdivision
Homecrest
Standard status
Active
Size
998 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
5521
Building Details
Number of units
2
Flooring type
Tile, Hardwood
Listing Agency:
New World Realty Group LLC
(718) 872-6300
Listed By:
Stephanie Dong Chin
(718) 872-6300
Added: May 16
Changed: Aug 3
Last Checked: Aug 30 at 7:06AM
MLS# 501501
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.
Semi-detached two-family duplex currently used as a one-family home, offering flexible living and rental potential. Inside, the spacious living room includes a skylight and hardwood flooring that carries throughout. The home is laid out with four bedrooms and three bathrooms, and the second-floor includes a bedroom with a skylight. A full-length basement is fully finished, providing additional recreational or living space.
Outside, there is a shared driveway and a detached garage. The home also includes interior amenities such as an A/C unit and a dedicated laundry area, along with appliances including a refrigerator and stove, plus washer support.
The property sits on a 0.0344-acre lot and totals 998 square feet. Zoned R4, it’s positioned for convenient access to transit near the Ave U and Neck Road train stations.
Outside, there is a shared driveway and a detached garage. The home also includes interior amenities such as an A/C unit and a dedicated laundry area, along with appliances including a refrigerator and stove, plus washer support.
The property sits on a 0.0344-acre lot and totals 998 square feet. Zoned R4, it’s positioned for convenient access to transit near the Ave U and Neck Road train stations.
Key Highlights
- R4‑zoned semi‑detached two‑family duplex currently used as one‑family home
- Skylight living room with hardwood floors
- Four bedrooms and three bathrooms
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
$34,952
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
2.94%
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%
$699,040
$699.0K
Cap Rate 7%
$499,314
$499.3K
Cap Rate 9%
$388,356
$388.4K
Market Conditions
NOI Build-Up for 998 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
$50.9K $51.00/SF
− Vacancy
−$967 −$0.97/SF
EGI
$49.9K $50.03/SF
− OpEx
−$15.0K −$15.01/SF
NOI
$35.0K $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%
$699,040
Cap Rate 7%
$499,314
Cap Rate 9%
$388,356
Alternative Uses
Best Use
Multifamily LT 5
$499.3K
$436.9K – $582.5K
NOI $34,952 @ 7.0% cap · market cap 2.94%
Second Best
Apartment 5plus
$435.3K
$380.9K – $507.8K
NOI $30,468 @ 7.0% cap · market cap 2.56%
Theoretical Best
Specialty Retail
$826.3K
$723.1K – $964.1K
NOI $57,844 @ 7.0% cap · market cap 4.87%
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
4,185
Businesses Nearby
Explore this area
Business Placement
Demographics for 11229, NY
83,669
Population
33,353
Households
2.5
Avg Household Size
40
Median Age
41%
College-Educated
88%
High-School Grad
2.0 sq mi
ZIP Area
41,835
Density / Sq Mi
$72,556
Median Household Income
$52,948
Median Earnings
$1,666
Median Rent
$812,200
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 - R4-zoned semi-detached two-family duplex with hardwood floors, skylit living area, and a detached garage behind a shared driveway.
Where is this duplex located?
The property is located at 2227 E 15th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,188,000.
What are key features of this property?
This property features: R4‑zoned semi‑detached two‑family duplex currently used as one‑family home; Skylight living room with hardwood floors; Four bedrooms and three bathrooms
