Brick Duplex with
For Sale
$1,288,000
2538 W 2nd Street, Brooklyn, NY 11223
MULTI_FAMILY - Brooklyn, NY
Property Size2,812 SF
Lot Size0.05 Acres
Price / SF$458.04
Days on Market26
Property Features for 2538 W 2nd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bathroom 3
Parking features
Garage
Patio and Porch features
Porch
Interior features
A/C Unit - Wall, Dryer, Garage Door Opener(s), Laundry Area, Porch, Refrigerator, Stove, Washer
Basement
Finished, Full
Subdivision
Gravesend
Standard status
Active
Size
2,812 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
8850
Building Details
Year built
1965
Floors in Building
3
Number of units
2
Flooring type
Hardwood, Linoleum, Carpet
Building materials
Brick
Roof type
Flat
Architectural style
Other
Listing Agency:
Real Broker NY LLC
(718) 256-4000
Listed By:
Ian S. Satchell
(718) 256-4000
Added: Jul 28
Changed: Aug 14
Last Checked: Aug 22 at 6:06AM
MLS# 503366
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 1965 brick duplex contains 2,812 square feet on a 0.0459-acre lot and offers six bedrooms with three full bathrooms. The property includes a garage, private driveway, porch, wall A/C, laundry area, washer, dryer, refrigerator, stove, and a garage door opener. Hardwood, linoleum, and carpet flooring are present throughout, while the building has a flat roof and R4 zoning. The property is being sold as-is and is positioned for updates.
Located at 2538 W 2nd Street in Brooklyn, the home is near West 2nd Street and Avenue Y. Transit access includes the N, W, F, and D trains at Avenue U, along with B1, B3, and B4 bus service. Shops, tree-lined streets, and the waterfront are also identified nearby.
Located at 2538 W 2nd Street in Brooklyn, the home is near West 2nd Street and Avenue Y. Transit access includes the N, W, F, and D trains at Avenue U, along with B1, B3, and B4 bus service. Shops, tree-lined streets, and the waterfront are also identified nearby.
Key Highlights
- Duplex with 6 bedrooms and 3 full bathrooms
- 2,812 square feet on a 0.0459‑acre lot
- Brick construction dating to 1965 with a flat roof
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
$98,481
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
7.65%
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%
$1,969,620
$2.0M
Cap Rate 7%
$1,406,871
$1.4M
Cap Rate 9%
$1,094,233
$1.1M
Market Conditions
NOI Build-Up for 2,812 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
$143.4K $51.00/SF
− Vacancy
−$2.7K −$0.97/SF
EGI
$140.7K $50.03/SF
− OpEx
−$42.2K −$15.01/SF
NOI
$98.5K $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%
$1,969,620
Cap Rate 7%
$1,406,871
Cap Rate 9%
$1,094,233
Alternative Uses
Best Use
Multifamily LT 5
$1.41M
$1.23M – $1.64M
NOI $98,481 @ 7.0% cap · market cap 7.65%
Second Best
Apartment 5plus
$1.23M
$1.07M – $1.43M
NOI $85,847 @ 7.0% cap · market cap 6.67%
Theoretical Best
Specialty Retail
$2.33M
$2.04M – $2.72M
NOI $162,984 @ 7.0% cap · market cap 12.65%
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
2,783
Businesses Nearby
Explore this area
Business Placement
Demographics for 11223, NY
83,519
Population
28,857
Households
2.9
Avg Household Size
37
Median Age
34%
College-Educated
78%
High-School Grad
2.1 sq mi
ZIP Area
39,771
Density / Sq Mi
$63,950
Median Household Income
$40,592
Median Earnings
$1,653
Median Rent
$1,063,200
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?
Duplex - Two-family layout with a private driveway, garage, porch, and space for updates.
Where is this duplex located?
The property is located at 2538 W 2nd Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,288,000.
What are key features of this property?
This property features: Duplex with 6 bedrooms and 3 full bathrooms; 2,812 square feet on a 0.0459‑acre lot; Brick construction dating to 1965 with a flat roof
