Sheepshead Bay Two-Family Brick
For Sale
$899,000
Pending
2668 E 23rd St, Brooklyn, NY 11235
Two-family brick home in Sheepshead Bay with private outdoor space.
Property Size880 SF
Lot Size0.04 Acres
Days on Market100
Property Features for 2668 E 23rd St
General Information
Standard status
Pending
Size
880 SF
Lot size
0.04 Acres
Property subtype
Multi Family
Building Details
Year Built
1930
Listing Agency:
RE/MAX Edge
(718) 612-3088
Listed By:
Kelly Wu
(718) 612-3088
Source:
Elliman
Added: May 19
Changed: Jul 10
Last Checked: Aug 25 at 8:21AM
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 Edge
Investment Insights
Based on property information with market context.
This semi-detached brick two-family home is located in Sheepshead Bay. Situated on a 26x72 lot, the building size is 22x40. The first floor features a one-bedroom unit with a living room, kitchen, and full bath. The second floor offers a two-bedroom unit with a living room, eat-in kitchen, and full bath. The layout provides natural light throughout. The property is well-maintained, featuring hardwood floors and spacious rooms, and presents potential for both end users and investors. A private outdoor space is located in the rear, along with a private driveway and attached garage. The location is near shopping, restaurants, schools, and transportation, including the B36 and B4 buses, and the B and Q trains. The property has a bike score of 61, making it bikeable, a walk score of 87, indicating it is very walkable, and a transit score of 72, indicating excellent transit.
Key Highlights
- Prime Sheepshead Bay location in Brooklyn.
- Two‑family home offering income potential or multi‑generational living.
- Private driveway and attached 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
$30,819
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
3.43%
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%
$616,380
$616.4K
Cap Rate 7%
$440,271
$440.3K
Cap Rate 9%
$342,433
$342.4K
Market Conditions
NOI Build-Up for 880 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
$44.9K $51.00/SF
− Vacancy
−$853 −$0.97/SF
EGI
$44.0K $50.03/SF
− OpEx
−$13.2K −$15.01/SF
NOI
$30.8K $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%
$616,380
Cap Rate 7%
$440,271
Cap Rate 9%
$342,433
Alternative Uses
Best Use
Multifamily LT 5
$440.3K
$385.2K – $513.7K
NOI $30,819 @ 7.0% cap · market cap 3.43%
Second Best
Apartment 5plus
$383.8K
$335.8K – $447.8K
NOI $26,865 @ 7.0% cap · market cap 2.99%
Theoretical Best
Specialty Retail
$728.6K
$637.6K – $850.1K
NOI $51,005 @ 7.0% cap · market cap 5.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
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 - Two-family brick home in Sheepshead Bay with private outdoor space.
Where is this duplex located?
The property is located at 2668 E 23rd St Brooklyn, NY.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Prime Sheepshead Bay location in Brooklyn.; Two‑family home offering income potential or multi‑generational living.; Private driveway and attached garage.**
