Detached Duplex with Finished
For Sale
$1,789,000
2538 E 29th Street, Brooklyn, NY 11235
MULTI_FAMILY - Brooklyn, NY
Property Size2,400 SF
Lot Size0.09 Acres
Price / SF$745.42
Days on Market48
Property Features for 2538 E 29th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R4
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bathroom 4, Bedroom 3, Bedroom 2, Bathroom 2, Bedroom 1, Bedroom 4, Bathroom 3, Bathroom 1
Parking features
Garage - Detached
Interior features
A/C Unit - Wall, Central Air - Split, Dishwasher, Dryer, Microwave, Refrigerator, Stove, Washer
Basement
Full, Finished
Subdivision
Sheepshead Bay
Standard status
Active
Size
2,400 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
8924
Amenities
rear deck
paved backyard
split A/C units
Building Details
Year built
1930
Floors in Building
2
Flooring type
Tile, Hardwood
Building materials
Wood Frame
Roof type
Asphalt
Listing Agency:
RE/MAX Edge · RE/MAX International
(718) 612-3088
Listed By:
Jason Zhou · License #10301217017
(718) 612-3088
Added: Jul 13
Changed: Aug 13
Last Checked: Aug 29 at 4:06AM
MLS# 502966
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.
Detached two-family duplex on a 0.0918-acre lot with a full finished basement and separate access. Built in 1930, the wood-frame home totals 2,400 square feet and includes hardwood and tile flooring, recessed lighting, and interior staircase access between the levels.
The owner’s duplex features an expansive living room, formal dining room, and an eat-in kitchen with granite countertops, abundant cabinetry, and stainless-steel appliances. The main level includes 2 bedrooms and a full bath, and the upper level has a private primary suite with a full bath and an adjoining office/nursery. The separate 2-bedroom apartment has its own private entrance, living room, dining area, kitchen, and full bathroom.
Additional features include split A/C units throughout, double front entrances for each family, side and rear entrances, separate water heaters, and a sliding glass door leading to a spacious rear deck. The backyard is paved, with a wide private driveway providing access to the detached double-car garage. Located on a quiet, tree-lined block just minutes from shopping, restaurants, schools, parks, and public transportation.
The owner’s duplex features an expansive living room, formal dining room, and an eat-in kitchen with granite countertops, abundant cabinetry, and stainless-steel appliances. The main level includes 2 bedrooms and a full bath, and the upper level has a private primary suite with a full bath and an adjoining office/nursery. The separate 2-bedroom apartment has its own private entrance, living room, dining area, kitchen, and full bathroom.
Additional features include split A/C units throughout, double front entrances for each family, side and rear entrances, separate water heaters, and a sliding glass door leading to a spacious rear deck. The backyard is paved, with a wide private driveway providing access to the detached double-car garage. Located on a quiet, tree-lined block just minutes from shopping, restaurants, schools, parks, and public transportation.
Key Highlights
- 0.0918‑acre lot with a full finished basement in a detached two‑family home
- 2,400 square feet wood‑frame duplex built in 1930
- Zoned R4 with split A/C units throughout
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
$84,052
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
4.70%
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%
$1,681,040
$1.7M
Cap Rate 7%
$1,200,743
$1.2M
Cap Rate 9%
$933,911
$933.9K
Market Conditions
NOI Build-Up for 2,400 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
$122.4K $51.00/SF
− Vacancy
−$2.3K −$0.97/SF
EGI
$120.1K $50.03/SF
− OpEx
−$36.0K −$15.01/SF
NOI
$84.1K $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%
$1,681,040
Cap Rate 7%
$1,200,743
Cap Rate 9%
$933,911
Alternative Uses
Best Use
Multifamily LT 5
$1.20M
$1.05M – $1.40M
NOI $84,052 @ 7.0% cap · market cap 4.70%
Second Best
Apartment 5plus
$1.05M
$915.9K – $1.22M
NOI $73,270 @ 7.0% cap · market cap 4.10%
Theoretical Best
Specialty Retail
$1.99M
$1.74M – $2.32M
NOI $139,104 @ 7.0% cap · market cap 7.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,634
Businesses Nearby
Explore this area
Business Placement
Demographics for 11235, NY
88,482
Population
37,188
Households
2.4
Avg Household Size
44
Median Age
50%
College-Educated
90%
High-School Grad
2.5 sq mi
ZIP Area
35,393
Density / Sq Mi
$61,689
Median Household Income
$48,898
Median Earnings
$1,649
Median Rent
$723,900
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?
Duplex - R4-zoned detached two-family home with a finished basement, separate entrances, split A/C, and a detached double-car garage.
Where is this duplex located?
The property is located at 2538 E 29th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,789,000.
What are key features of this property?
This property features: 0.0918‑acre lot with a full finished basement in a detached two‑family home; 2,400 square feet wood‑frame duplex built in 1930; Zoned R4 with split A/C units throughout
