Renovated Two-Family
For Sale
$1,199,000
2710 E 23rd St 2, Brooklyn, NY 11235
Two apartments feature updated kitchens, bathrooms, heating systems, and air conditioning.
Property Size1,368 SF
Lot Size0.03 Acres
Days on Market11
Property Features for 2710 E 23rd St 2
General Information
Standard status
Active
Size
1,368 SF
Lot size
0.03 Acres
Property subtype
Multi Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$6,492
Building Details
Building Size
1,368 SF
Year Built
1925
Buildings
1
Units
2
Listing Agency:
Hauseit LLC
Listed By:
Nick Oliver
(888) 494-8258
Source:
Elliman
Added: Sep 14
Changed: Sep 24
Last Checked: Sep 24 at 1:07PM
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 Hauseit LLC
Investment Insights
Based on property information with market context.
This two-family property contains a first-floor two-bedroom, one-bath apartment and a second-floor three-bedroom, one-bath apartment. Both residences have been renovated with new kitchens, contemporary bathroom finishes, individual heating boilers, and separate high-efficiency AC systems. Additional improvements include a new roof, modern cabinetry, updated countertops, and new bathroom hardware.
Located at 2710 E 23rd St 2 in Brooklyn, the property provides access to the B and Q subway lines and multiple bus routes. The site measures 17x87, while the building measures 17x45. The structure was built in 1925 and has a 94 Walk Score, 78 Transit Score, and 69 Bike Score.
Located at 2710 E 23rd St 2 in Brooklyn, the property provides access to the B and Q subway lines and multiple bus routes. The site measures 17x87, while the building measures 17x45. The structure was built in 1925 and has a 94 Walk Score, 78 Transit Score, and 69 Bike Score.
Key Highlights
- Two‑family layout with a 2‑bedroom, 1‑bath first‑floor apartment and 3‑bedroom, 1‑bath second‑floor apartment
- Recently renovated kitchens and bathrooms with updated cabinetry, countertops, tiling, fixtures, and hardware
- Each unit has a brand‑new heating boiler and separate high‑efficiency brand‑new AC system
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
$47,910
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
4.00%
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%
$958,200
$958.2K
Cap Rate 7%
$684,429
$684.4K
Cap Rate 9%
$532,333
$532.3K
Market Conditions
NOI Build-Up for 1,368 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
$69.8K $51.00/SF
− Vacancy
−$1.3K −$0.97/SF
EGI
$68.4K $50.03/SF
− OpEx
−$20.5K −$15.01/SF
NOI
$47.9K $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%
$958,200
Cap Rate 7%
$684,429
Cap Rate 9%
$532,333
Alternative Uses
Best Use
Multifamily LT 5
$684.4K
$598.9K – $798.5K
NOI $47,910 @ 7.0% cap · market cap 4.00%
Second Best
Apartment 5plus
$596.6K
$522.1K – $696.1K
NOI $41,764 @ 7.0% cap · market cap 3.48%
Theoretical Best
Specialty Retail
$1.13M
$991.1K – $1.32M
NOI $79,289 @ 7.0% cap · market cap 6.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
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?
Duplex - Two apartments feature updated kitchens, bathrooms, heating systems, and air conditioning.
Where is this duplex located?
The property is located at 2710 E 23rd St 2 Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: Two‑family layout with a 2‑bedroom, 1‑bath first‑floor apartment and 3‑bedroom, 1‑bath second‑floor apartment; Recently renovated kitchens and bathrooms with updated cabinetry, countertops, tiling, fixtures, and hardware; Each unit has a brand‑new heating boiler and separate high‑efficiency brand‑new AC system
