Two-Family Brick
New
For Sale
$1,699,888
228 Bay 8th St, Brooklyn, NY 11228
Two separate residences provide a three-bedroom upper layout and a two-bedroom lower layout, with basement space and off-street parking.
Property Size2,807 SF
Days on Market5
Property Features for 228 Bay 8th St
General Information
Standard status
Active
Size
2,807 SF
Property subtype
Multi Family
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 3BR, 1 x 2BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$10,839
Amenities
basement
rear yard
Building Details
Building Size
2,807 SF
Buildings
1
Stories
2
Construction
brick
Listed By:
Joseph Madaio, CRS, GRI
(718) 690-3900
Source:
Elliman
Added: Oct 7
Changed: Oct 10
Last Checked: Oct 11 at 6:12AM
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 Joseph Madaio, CRS, GRI
Investment Insights
Based on property information with market context.
This brick duplex contains two residences, each arranged across 5½ rooms. The upper unit has three bedrooms, while the lower unit has two. A basement adds usable space, and the property also includes a one-car garage, private driveway, and rear yard. The home is described as being in good condition.
Located at 228 Bay 8th St in Brooklyn, the property is near Dyker Beach Park and Golf Course. Public transportation, shopping, schools, parks, and neighborhood services are in the surrounding area, with express bus service to Manhattan available. Walk Score is 92, Transit Score is 80, and Bike Score is 55.
Located at 228 Bay 8th St in Brooklyn, the property is near Dyker Beach Park and Golf Course. Public transportation, shopping, schools, parks, and neighborhood services are in the surrounding area, with express bus service to Manhattan available. Walk Score is 92, Transit Score is 80, and Bike Score is 55.
Key Highlights
- Two‑family brick property with 5½ rooms in each residence
- Upper unit has 3 bedrooms; lower unit has 2 bedrooms
- Basement and rear yard
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$98,306
Cap Rate
5.78%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,966,120
$2.0M
Cap Rate 7%
$1,404,371
$1.4M
Cap Rate 9%
$1,092,289
$1.1M
Market Conditions
NOI Build-Up for 2,807 SF
Gross rent
$143.2K $51.00/SF
− Vacancy
−$2.7K −$0.97/SF
EGI
$140.4K $50.03/SF
− OpEx
−$42.1K −$15.01/SF
NOI
$98.3K $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 Rate 5%
$1,966,120
Cap Rate 7%
$1,404,371
Cap Rate 9%
$1,092,289
Alternative Uses
Best Use
Multifamily LT 5
$1.40M
$1.23M – $1.64M
NOI $98,306 @ 7.0% cap · market cap 5.78%
Second Best
Apartment 5plus
$1.22M
$1.07M – $1.43M
NOI $85,695 @ 7.0% cap · market cap 5.04%
Theoretical Best
Specialty Retail
$2.32M
$2.03M – $2.71M
NOI $162,694 @ 7.0% cap · market cap 9.57%
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
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,577
Businesses Nearby
Explore this area
Business Placement
Demographics for 11228, NY
45,906
Population
16,336
Households
2.8
Avg Household Size
41
Median Age
37%
College-Educated
80%
High-School Grad
1.5 sq mi
ZIP Area
30,604
Density / Sq Mi
$80,737
Median Household Income
$47,062
Median Earnings
$1,828
Median Rent
$1,131,700
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 - Two separate residences provide a three-bedroom upper layout and a two-bedroom lower layout, with basement space and off-street parking.
Where is this duplex located?
The property is located at 228 Bay 8th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,699,888.
What are key features of this property?
This property features: Two‑family brick property with 5½ rooms in each residence; Upper unit has 3 bedrooms; lower unit has 2 bedrooms; Basement and rear yard
