Semi-Detached Two-Family
For Sale
$2,500,000
2398 E 21st St, Brooklyn, NY 11229
Well-maintained two-family semi-detached property with two 3-bedroom units, a finished basement, and off-street parking.
Property Size2,786 SF
Days on Market48
Property Features for 2398 E 21st St
General Information
Standard status
Active
Size
2,786 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$10,323
Building Details
Building Size
2,786 SF
Year Built
1935
Stories
2
Listing Agency:
RE/MAX Real Estate Professionals
(917) 708-9966
Listed By:
Hang (Tyler) Chen · License #HC3855
(917) 708-9966
Source:
Elliman
Added: Jul 11
Changed: Aug 25
Last Checked: Aug 26 at 9:58AM
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 RE/MAX Real Estate Professionals
Investment Insights
Based on property information with market context.
This well-maintained semi-detached two-family home offers two separate units, each featuring 3 bedrooms and 2 full bathrooms. The property includes a full finished basement, providing additional usable space for recreation, storage, or other flexible needs. A private driveway provides parking for two vehicles.
Set on a 31×105 lot with a 21×64 building footprint, the home is located in Sheepshead Bay near shopping, supermarkets, restaurants, schools, parks, public transportation, and major roadways.
With six bedrooms and four full bathrooms total across both units, the layout supports straightforward owner-occupant or rental-income use.
Set on a 31×105 lot with a 21×64 building footprint, the home is located in Sheepshead Bay near shopping, supermarkets, restaurants, schools, parks, public transportation, and major roadways.
With six bedrooms and four full bathrooms total across both units, the layout supports straightforward owner-occupant or rental-income use.
Key Highlights
- Well‑maintained semi‑detached 2‑family home built in 1935
- 31×105 lot with a 21×64 building
- 6 bedrooms and 4 full bathrooms total; each unit has 3 bedrooms and 2 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
$97,570
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
3.90%
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%
$1,951,400
$2.0M
Cap Rate 7%
$1,393,857
$1.4M
Cap Rate 9%
$1,084,111
$1.1M
Market Conditions
NOI Build-Up for 2,786 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
$142.1K $51.00/SF
− Vacancy
−$2.7K −$0.97/SF
EGI
$139.4K $50.03/SF
− OpEx
−$41.8K −$15.01/SF
NOI
$97.6K $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%
$1,951,400
Cap Rate 7%
$1,393,857
Cap Rate 9%
$1,084,111
Alternative Uses
Best Use
Multifamily LT 5
$1.39M
$1.22M – $1.63M
NOI $97,570 @ 7.0% cap · market cap 3.90%
Second Best
Apartment 5plus
$1.22M
$1.06M – $1.42M
NOI $85,054 @ 7.0% cap · market cap 3.40%
Theoretical Best
Specialty Retail
$2.31M
$2.02M – $2.69M
NOI $161,477 @ 7.0% cap · market cap 6.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,659
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained two-family semi-detached property with two 3-bedroom units, a finished basement, and off-street parking.
Where is this duplex located?
The property is located at 2398 E 21st St Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Well‑maintained semi‑detached 2‑family home built in 1935; 31×105 lot with a 21×64 building; 6 bedrooms and 4 full bathrooms total; each unit has 3 bedrooms and 2 bathrooms
