Brick Duplex with Finished
New
For Sale
$959,000
338 E 22nd Street, Brooklyn, NY 11226
Residential, High Ranch, Brooklyn, NY
Property Size2,160 SF
Lot Size0.05 Acres
Price / SF$443.98
Days on Market3
Property Features for 338 E 22nd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6A , R5B
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bathroom 2, Bedroom 2, Bedroom 4, Bedroom 5, Bathroom 1, Bedroom 1, Bathroom 3
Interior features
Refrigerator, Stove
Basement
Finished
Subdivision
East Flatbush
Standard status
Active
Size
2,160 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
5760
Amenities
private enclosed backyard
storage shed
Building Details
Year built
1910
Floors in Building
2
Number of units
2
Flooring type
Carpet, Hardwood
Building materials
Brick
Roof type
Flat
Architectural style
Ranch
Listing Agency:
Brooklyn Real Property Inc.
(718) 875-8899
Listed By:
Jean P Ho · License #JPH8888
(718) 713-6888
Added: Aug 31
Last Checked: Sep 2 at 10:06AM
MLS# 504176
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 brick duplex, built in 1910, contains 2,160 square feet on a 0.0459-acre lot. The 6-room-over-5-room configuration includes a large living room, formal dining room, eat-in kitchen, five bedrooms, and three bathrooms. A finished accessory basement adds a full bath and three separate entrances, while the interior retains hardwood floors, original moldings, stained glass windows, high ceilings, and a tin ceiling. Additional features include a refrigerator, stove, carpeted and hardwood flooring, a flat roof, and a storage shed in the enclosed backyard.
Located at 338 E 22nd Street in Brooklyn, the property is near Kings Theatre, shopping, restaurants, schools, houses of worship, parks, and public transportation. The site measures 20' x 100', with a 20' x 50' building footprint. Zoning is R6A and R5B, and approximately 3,840 additional buildable square feet is identified, subject to independent verification.
Located at 338 E 22nd Street in Brooklyn, the property is near Kings Theatre, shopping, restaurants, schools, houses of worship, parks, and public transportation. The site measures 20' x 100', with a 20' x 50' building footprint. Zoning is R6A and R5B, and approximately 3,840 additional buildable square feet is identified, subject to independent verification.
Key Highlights
- 2,160‑square‑foot brick duplex built in 1910
- 6‑room‑over‑5‑room layout with five bedrooms and three bathrooms
- Finished accessory basement with full bath and three separate entrances
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
$54,753
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
5.71%
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%
$1,095,060
$1.1M
Cap Rate 7%
$782,186
$782.2K
Cap Rate 9%
$608,367
$608.4K
Market Conditions
NOI Build-Up for 2,160 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
$81.6K $37.80/SF
− Vacancy
−$3.4K −$1.59/SF
EGI
$78.2K $36.21/SF
− OpEx
−$23.5K −$10.86/SF
NOI
$54.8K $25.35/SF
Area
ZIP 11226
Vacancy
4.20%
Lease Rate
$37.80 /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%
$1,095,060
Cap Rate 7%
$782,186
Cap Rate 9%
$608,367
Alternative Uses
Best Use
Multifamily LT 5
$782.2K
$684.4K – $912.6K
NOI $54,753 @ 7.0% cap · market cap 5.71%
Second Best
Apartment 5plus
$723.4K
$633.0K – $844.0K
NOI $50,637 @ 7.0% cap · market cap 5.28%
Theoretical Best
Office A
$1.07M
$934.2K – $1.25M
NOI $74,733 @ 7.0% cap · market cap 7.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,210
Businesses Nearby
Explore this area
Business Placement
Demographics for 11226, NY
101,727
Population
42,618
Households
2.4
Avg Household Size
37
Median Age
36%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
78,252
Density / Sq Mi
$81,084
Median Household Income
$49,892
Median Earnings
$1,751
Median Rent
$866,300
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 - Well-maintained brick income property with original architectural details, flexible room configuration, and a finished accessory basement.
Where is this duplex located?
The property is located at 338 E 22nd Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $959,000.
What are key features of this property?
This property features: 2,160‑square‑foot brick duplex built in 1910; 6‑room‑over‑5‑room layout with five bedrooms and three bathrooms; Finished accessory basement with full bath and three separate entrances
