Four-Unit Brick
For Sale
$1,799,000
2343 E 22nd St, Brooklyn, NY 11229
Semi-detached brick four-family with a finished basement and four separate residential units, updated roof, heating, and hot water.
Property Size3,600 SF
Lot Size0.07 Acres
Days on Market67
Property Features for 2343 E 22nd St
General Information
Standard status
Active
Size
3,600 SF
Lot size
0.07 Acres
Property subtype
Multi Family
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$17,882
Building Details
Building Size
3,600 SF
Year Built
1927
Stories
2
Tenancy
Multi
Listing Agency:
Womcore LLC dba Remax Edge
Listed By:
Kelly Wu
(718) 612-3088
Source:
Elliman
Added: Jul 1
Changed: Aug 31
Last Checked: Sep 4 at 11:12AM
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 Womcore LLC dba Remax Edge
Investment Insights
Based on property information with market context.
This well-maintained, semi-detached brick four-family home is set on a 30x100 lot and includes a 22.5x80 building footprint. The first floor offers a front 1BD/1BA unit and a rear 2BD/1BA unit. The second floor features a front 3BD/1BA unit and a rear 2BD/1BA unit. A full finished basement includes a separate entrance and an additional full bathroom, adding further flexibility.
Recent updates include a new roof (approximately six years old), a new heating and hot water system, split AC, and replacement of the main water service line from the house to the street. The property is described as conveniently located near the Avenue U business corridor, shopping, restaurants, schools, and transportation, with access to the B & Q trains and buses B49, B3, and BM3.
With four units plus a finished basement and updates to major systems, the property is positioned for investors or owner-occupants seeking a Brooklyn income home.
Recent updates include a new roof (approximately six years old), a new heating and hot water system, split AC, and replacement of the main water service line from the house to the street. The property is described as conveniently located near the Avenue U business corridor, shopping, restaurants, schools, and transportation, with access to the B & Q trains and buses B49, B3, and BM3.
With four units plus a finished basement and updates to major systems, the property is positioned for investors or owner-occupants seeking a Brooklyn income home.
Key Highlights
- Four‑family semi‑detached brick home built in 1927 on a 30x100 lot with a 22.5x80 building footprint
- Unit layout: 1BD/1BA (front 1st floor) plus 2BD/1BA (rear 1st floor), 3BD/1BA (front 2nd floor), and 2BD/1BA (rear 2nd floor)
- Full finished basement with a separate entrance and an additional 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
$126,078
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
7.01%
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%
$2,521,560
$2.5M
Cap Rate 7%
$1,801,114
$1.8M
Cap Rate 9%
$1,400,867
$1.4M
Market Conditions
NOI Build-Up for 3,600 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
$183.6K $51.00/SF
− Vacancy
−$3.5K −$0.97/SF
EGI
$180.1K $50.03/SF
− OpEx
−$54.0K −$15.01/SF
NOI
$126.1K $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%
$2,521,560
Cap Rate 7%
$1,801,114
Cap Rate 9%
$1,400,867
Alternative Uses
Best Use
Multifamily LT 5
$1.80M
$1.58M – $2.10M
NOI $126,078 @ 7.0% cap · market cap 7.01%
Second Best
Apartment 5plus
$1.57M
$1.37M – $1.83M
NOI $109,904 @ 7.0% cap · market cap 6.11%
Theoretical Best
Specialty Retail
$2.98M
$2.61M – $3.48M
NOI $208,656 @ 7.0% cap · market cap 11.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,874
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?
Quadplex - Semi-detached brick four-family with a finished basement and four separate residential units, updated roof, heating, and hot water.
Where is this quadplex located?
The property is located at 2343 E 22nd St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,799,000.
What are key features of this property?
This property features: Four‑family semi‑detached brick home built in 1927 on a 30x100 lot with a 22.5x80 building footprint; Unit layout: 1BD/1BA (front 1st floor) plus 2BD/1BA (rear 1st floor), 3BD/1BA (front 2nd floor), and 2BD/1BA (rear 2nd floor); Full finished basement with a separate entrance and an additional full bathroom
