Two-Family Property with
New
For Sale
$1,699,888
228 Bay 8th Street, Brooklyn, NY 11228
Residential, Brooklyn, NY
Property Size2,807 SF
Lot Size0.04 Acres
Price / SF$605.59
Days on Market7
Property Features for 228 Bay 8th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R4
Bedrooms
7
Bathrooms
3
Full bathrooms
2
Rooms
Bedroom 6, Bathroom 2, Bedroom 4, Bedroom 7, Bathroom 3, Bedroom 5, Bedroom 3, Bedroom 1, Bedroom 2, Bathroom 1
Parking features
Garage - Attached
Subdivision
Dyker Heights
Standard status
Active
Size
2,807 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
10839
Amenities
basement
rear yard
Building Details
Floors in Building
2
Flooring type
Hardwood, Ceramic
Building materials
Block
Roof type
Flat, Asphalt
Listing Agency:
RE/MAX Elite
(718) 690-3900
Listed By:
Joseph Madaio, CRS, GRI · License #6.28E+13
(347) 392-7487
Added: Sep 15
Changed: Sep 16
Last Checked: Sep 21 at 7:06PM
MLS# 504443
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 property contains 2,807 square feet with two residential units arranged as a three-bedroom residence over a two-bedroom residence. Additional features include a basement, an attached one-car garage, a private driveway, and a rear yard. Ceramic and hardwood flooring are present, with three bathrooms serving the property.
The 0.0444-acre property is located at 228 Bay 8th Street in Brooklyn, NY 11228. R4 zoning applies. The surrounding area includes Dyker Beach Park and Golf Course, public transportation, express bus service to Manhattan, shopping, schools, parks, and other neighborhood conveniences.
The configuration supports use as a two-family residence, with room counts of 5 1/2 rooms in each unit and practical storage, parking, and outdoor space on site.
The 0.0444-acre property is located at 228 Bay 8th Street in Brooklyn, NY 11228. R4 zoning applies. The surrounding area includes Dyker Beach Park and Golf Course, public transportation, express bus service to Manhattan, shopping, schools, parks, and other neighborhood conveniences.
The configuration supports use as a two-family residence, with room counts of 5 1/2 rooms in each unit and practical storage, parking, and outdoor space on site.
Key Highlights
- Two‑family duplex with 2,807 square feet of building area
- Three‑bedroom unit over a two‑bedroom unit
- Attached one‑car garage and private driveway
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
$98,306
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
5.78%
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%
$1,966,120
$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
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
$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 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%
$1,966,120
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units include three-bedroom and two-bedroom layouts, along with basement space and private off-street parking.
Where is this duplex located?
The property is located at 228 Bay 8th Street 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 duplex with 2,807 square feet of building area; Three‑bedroom unit over a two‑bedroom unit; Attached one‑car garage and private driveway
