Quadplex Semi-Detached Brick
For Sale
$1,799,000
2343 E 22nd Street, Brooklyn, NY 11229
MULTI_FAMILY - Brooklyn, NY
Property Size3,600 SF
Lot Size0.04 Acres
Price / SF$499.72
Days on Market51
Property Features for 2343 E 22nd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R4
Bedrooms
8
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 6, Bedroom 7, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 1, Bedroom 3, Bedroom 4, Bedroom 5, Bedroom 2, Bathroom 5, Bedroom 8, Bedroom 1
Interior features
A/C Unit, Central Air - Split, Refrigerator, Stove
Basement
Full, Finished
Subdivision
Sheepshead Bay
Standard status
Active
Size
3,600 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
17882
Building Details
Year built
1927
Floors in Building
2
Number of units
4
Flooring type
Hardwood, Tile
Building materials
Brick
Roof type
Flat
Listing Agency:
RE/MAX Edge · RE/MAX International
(718) 612-3088
Listed By:
Kelly Wu
(718) 612-3088
Added: Jun 23
Changed: Aug 9
Last Checked: Aug 12 at 6:06PM
MLS# 502504
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 brick quadplex in Sheepshead Bay designed as a four-family layout. The building is approximately 22.5x80 over a 30x100 lot, with a 3,600 SF total property size and a flat roof. The first floor includes a front 1BD/1BA unit and a rear 2BD/1BA unit, while the second floor includes a front 3BD/1BA unit and a rear 2BD/1BA unit. A full finished basement includes a separate entrance and an additional full bathroom.
Updates include a new roof (about 6 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. Interior features include A/C units with central air split, and hardwood and tile flooring.
Conveniently located near the Avenue U business corridor, with shopping, restaurants, schools, and transportation nearby, including the B & Q trains and the B49, B3, and BM3 buses.
Updates include a new roof (about 6 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. Interior features include A/C units with central air split, and hardwood and tile flooring.
Conveniently located near the Avenue U business corridor, with shopping, restaurants, schools, and transportation nearby, including the B & Q trains and the B49, B3, and BM3 buses.
Key Highlights
- R4 zoning for a semi‑detached brick quadplex in Sheepshead Bay
- Building is approx. 22.5x80 over a 30x100 lot on a 0.0413‑acre site
- Four units: 1BD/1BA and 2BD/1BA on the first floor; 3BD/1BA and 2BD/1BA on the second floor
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
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 - R4-zoned semi-detached brick quadplex offers four separate units plus a finished basement with a separate entrance.
Where is this quadplex located?
The property is located at 2343 E 22nd Street 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: R4 zoning for a semi‑detached brick quadplex in Sheepshead Bay; Building is approx. 22.5x80 over a 30x100 lot on a 0.0413‑acre site; Four units: 1BD/1BA and 2BD/1BA on the first floor; 3BD/1BA and 2BD/1BA on the second floor
