Three-Unit Brick
For Sale
$2,699,000
2665 E 23rd Street, Brooklyn, NY 11235
Residential, Brooklyn, NY
Property Size3,580 SF
Lot Size0.11 Acres
Price / SF$753.91
Days on Market18
Property Features for 2665 E 23rd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bathrooms
7
Full bathrooms
3
Half bathrooms
1
Rooms
Bathroom 1, Bathroom 5, Bathroom 3, Bathroom 7, Bathroom 4, Bathroom 2, Bathroom 6
Interior features
A/C Unit
Basement
Full, Finished
Subdivision
Sheepshead Bay
Standard status
Active
Size
3,580 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
12370
Amenities
front porch
garage
storage room
private backyard
balcony
Building Details
Number of units
3
Flooring type
Marble, Carpet, Ceramic, Hardwood
Building materials
Brick
Listing Agency:
RE/MAX Edge · RE/MAX International
(718) 612-3088
Listed By:
Svetlana Kruler · License #10301216896
(347) 210-9037
Added: Sep 14
Changed: Sep 22
Last Checked: Oct 1 at 3:06PM
MLS# 504507
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 three-unit brick property provides approximately 3,580 square feet of above-grade living space on a 0.1111-acre lot measuring 30 by 161 feet. The owner’s residence includes three bedrooms, 3.5 baths, a split-level floor plan, storage, direct access to the fully finished basement, and access to the backyard and garage. Two additional split-level apartments include a three-bedroom, two-bath upper unit with a balcony and a two-bedroom first-floor unit. Both apartments are occupied on a month-to-month basis, with no leases in place.
Additional improvements include a front porch, storage room, private backyard, garage, and parking for up to 7 cars. The property is near the B and Q trains at Sheepshead Bay, along with buses, shopping, restaurants, schools, and neighborhood amenities. The address is 2665 E 23rd Street in Brooklyn, NY 11235.
Additional improvements include a front porch, storage room, private backyard, garage, and parking for up to 7 cars. The property is near the B and Q trains at Sheepshead Bay, along with buses, shopping, restaurants, schools, and neighborhood amenities. The address is 2665 E 23rd Street in Brooklyn, NY 11235.
Key Highlights
- Three‑unit configuration with approximately 3,580 square feet of above‑grade living space
- 0.1111‑acre lot measuring 30 by 161 feet
- Owner’s unit includes 3 bedrooms, 3.5 baths, split‑level layout, finished basement access, backyard, and garage
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
$125,378
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
4.65%
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%
$2,507,560
$2.5M
Cap Rate 7%
$1,791,114
$1.8M
Cap Rate 9%
$1,393,089
$1.4M
Market Conditions
NOI Build-Up for 3,580 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
$182.6K $51.00/SF
− Vacancy
−$3.5K −$0.97/SF
EGI
$179.1K $50.03/SF
− OpEx
−$53.7K −$15.01/SF
NOI
$125.4K $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%
$2,507,560
Cap Rate 7%
$1,791,114
Cap Rate 9%
$1,393,089
Alternative Uses
Best Use
Multifamily LT 5
$1.79M
$1.57M – $2.09M
NOI $125,378 @ 7.0% cap · market cap 4.65%
Second Best
Apartment 5plus
$1.56M
$1.37M – $1.82M
NOI $109,294 @ 7.0% cap · market cap 4.05%
Theoretical Best
Specialty Retail
$2.96M
$2.59M – $3.46M
NOI $207,497 @ 7.0% cap · market cap 7.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
4,113
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Split-level residences include a three-bedroom owner’s unit, two tenant-occupied apartments, finished basement, garage, and backyard.
Where is this triplex located?
The property is located at 2665 E 23rd Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,699,000.
What are key features of this property?
This property features: Three‑unit configuration with approximately 3,580 square feet of above‑grade living space; 0.1111‑acre lot measuring 30 by 161 feet; Owner’s unit includes 3 bedrooms, 3.5 baths, split‑level layout, finished basement access, backyard, and garage
