Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Spacious Two-Family Home in Brooklyn Title is generated by Realmo AI

    287 23rd Street, Brooklyn, NY 11215

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Two-family home in Greenwood Heights with income potential.

    Type:Multifamily
    Property size:
    2,950 SF
    Lot size:
    0.06 Acres
    Price / SF:
    $405/SF
    Added:
    May 19, 2026
    Days on Market:
    17
    Last Refresh:
    May 20 at 5:02 am

    Property Features for 287 23rd Street

    General Information

    Standard status
    Active
    Size
    2,950 SF
    Lot size
    0.06 Acres
    Property subtype
    Multifamily

    We can help!

    Listing Contact
    Elysa Berlin

    Listing agent Elysa Berlin License #10301219469

    Listing office Revived Commercial

    Listing date May 19, 2026

    Source Crexi

    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 Revived Commercial

    HighLights

    • Spacious two‑family home with approximately 2,947 square feet.
    • Located in the desirable Greenwood Heights neighborhood of Brooklyn.
    • Versatile layout suitable for end‑users, investors, or multi‑generational living.
    • Configured as a two‑bedroom, one‑bath unit over a two‑bedroom, one‑bath reverse duplex, plus a studio with one bath.
    • Total of 5 bedrooms and 3 full bathrooms.
    • Built in 1901, offering classic charm.

    Overview

    Located in Greenwood Heights, Brooklyn, the property at 287 23rd Street presents an opportunity to own a two-family home. Constructed in 1901, this property offers approximately 2,947 square feet of living space across three levels, situated on a 2,500 square foot lot. The building is configured as a two-bedroom, one-bath unit over a two-bedroom, one-bath reverse duplex, with an additional studio and one bath in the above-grade basement. The layout includes a total of 5 bedrooms and 3 full bathrooms.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $150.5k $51.00
    − Vacancy −$2.9k −$0.97
    EGI $147.6k $50.03
    − OpEx −$44.3k −$15.01
    NOI $103.3k $35.02
    2,950 SF · lease $51.00/SF/yr · vacancy 1.90% · expense 30.00%

    Alternative Uses

    Best Use
    Multifamily LT 5
    $1.48M
    $1.29M – $1.72M (±1% cap)
    NOI $103,314 @ 7.0% cap · market cap 8.65%
    Second Best
    Apartment 5plus
    $1.29M
    $1.13M – $1.50M (±1% cap)
    NOI $90,060 @ 7.0% cap · market cap 7.54%
    Theoretical Best
    Specialty Retail
    $2.44M
    $2.14M – $2.85M (±1% cap)
    NOI $170,982 @ 7.0% cap · market cap 14.31%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Restaurant Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.99262
    Latitude
    40.65931

    Nearby Similar for Sale

    • $999,000
      8,820 SF

      Established Supermarket Business For Sale

      High-volume supermarket in Bensonhurst/Gravesend with excellent street exposure.
      65 Quentin Road, Brooklyn, NY 11223
      View Details
    • $7,200,000
      23,400 SF

      Brooklyn Mixed-Use Investment Opportunity

      Mixed-use property in Brownsville with diverse income streams.
      340 Junius Street, Brooklyn, NY 11212
      View Details
    • $1,799,000
      3,158 SF

      Prime Kings Highway Commercial Unit

      Spacious commercial unit in a high-traffic Brooklyn location.
      366 Kings Highway, Brooklyn, NY 11223
      View Details
    • $5,390,000
      6,970 SF

      Prime Corner Commercial Brooklyn Building

      Highly visible corner commercial property on 7th Avenue, Brooklyn.
      5301 7th Avenue, Brooklyn, NY 11220
      View Details
    • $2,000,000
      3,300 SF

      Prime Corner Retail Building Brooklyn

      One-story retail building with development potential in Brooklyn, NY.
      229 Tompkins Avenue, Brooklyn, NY 11216
      View Details
    • $198,000
      1,900 SF

      Turnkey Restaurant in Prime Location

      Profitable fast food restaurant for sale in Brooklyn, NY.
      1611 Broadway, Brooklyn, NY 11207
      View Details
    • $1,299,000
      1,471 SF

      Brooklyn Commercial Condo with Terrace

      Spacious condo with terrace, ideal for various commercial uses.
      943 60th Street, Brooklyn, NY 11219
      View Details
    • $549,000
      7,900 SF

      Established Karaoke Bar & Sushi

      Turnkey karaoke bar and sushi restaurant in Bensonhurst, Brooklyn.
      6115 20th Avenue, Brooklyn, NY 11204
      View Details
    • $480,000
      1,000 SF

      Profitable Pharmacy Business in Brooklyn

      Established pharmacy business for sale in Sheepshead Bay, Brooklyn.
      1222 Avenue U, Brooklyn, NY 11229
      View Details
    • $999,000
      1,360 SF

      Brooklyn Retail Space Near Transit

      Versatile 1,360 sqft retail space near D train.
      2430 Stillwell Avenue, Brooklyn, NY 11223
      View Details
    • $1,988,000
      3,740 SF

      Flatbush Avenue Retail Investment Opportunity

      High-exposure retail asset with stable income and development potential.
      1800 Flatbush Avenue, Brooklyn, NY 11210
      View Details
    • $2,190,000
      3,500 SF

      Luxury Atelier & Designer Showroom

      Turnkey, two-story luxury atelier in Sunset Park, Brooklyn.
      821 39th Street, Brooklyn, NY 11232
      View Details

    FAQs

    What type of property is this?
    Duplex - Two-family home in Greenwood Heights with income potential.
    Where is this duplex located?
    The property is located at 287 23rd Street Brooklyn, NY.
    What is the asking price?
    The asking price for this property is $1,195,000.
    What are key features of this property?
    This property features: Spacious two‑family home with approximately 2,947 square feet.; Located in the desirable Greenwood Heights neighborhood of Brooklyn.; Versatile layout suitable for end‑users, investors, or multi‑generational living.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Elysa Berlin
    Real Estate License ID: 10301219469
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    287 23rd Street, brooklyn, NY 11215
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!