Brick Two-Family
New
For Sale
$899,000
3421 Avenue S, Brooklyn, NY 11234
Two-family residence with updated kitchens, refreshed baths, flexible living spaces, and a landscaped rear yard.
Property Size1,800 SF
Days on Market4
Property Features for 3421 Avenue S
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,806
Building Details
Building Size
1,800 SF
Year Built
1925
Construction
brick
Listing Agency:
Tracey Real Estate
Listed By:
Robert Tracey · License #TRART8436
(718) 376-4994
Source:
Elliman
Added: Sep 22
Changed: Sep 23
Last Checked: Sep 24 at 1:30PM
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 Tracey Real Estate
Investment Insights
Based on property information with market context.
This 1925 brick duplex is arranged as a two-family residence with distinct living areas on each floor. The upper level includes three bedrooms, a full bathroom, a spacious living room, and a newer kitchen. The first floor offers two bedrooms, a large living room, a newer kitchen, a newer three-quarter bathroom, and substantial closet storage. Fresh interior paint and a manicured rear yard complete the property’s presentation.
The property is located in Brooklyn’s Marine Park area at 3421 Avenue S, near shopping, restaurants, and the park. WalkScore is 84, BikeScore is 68, and TransitScore is 80, reflecting access to nearby services and transportation options.
The property is located in Brooklyn’s Marine Park area at 3421 Avenue S, near shopping, restaurants, and the park. WalkScore is 84, BikeScore is 68, and TransitScore is 80, reflecting access to nearby services and transportation options.
Key Highlights
- Two‑family brick duplex built in 1925
- Upper level with 3 bedrooms, full bath, living room, and newer kitchen
- First floor includes 2 bedrooms, newer kitchen, and newer 3/4 bath
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
$63,039
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
7.01%
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%
$1,260,780
$1.3M
Cap Rate 7%
$900,557
$900.6K
Cap Rate 9%
$700,433
$700.4K
Market Conditions
NOI Build-Up for 1,800 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
$91.8K $51.00/SF
− Vacancy
−$1.7K −$0.97/SF
EGI
$90.1K $50.03/SF
− OpEx
−$27.0K −$15.01/SF
NOI
$63.0K $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%
$1,260,780
Cap Rate 7%
$900,557
Cap Rate 9%
$700,433
Alternative Uses
Best Use
Multifamily LT 5
$900.6K
$788.0K – $1.05M
NOI $63,039 @ 7.0% cap · market cap 7.01%
Second Best
Apartment 5plus
$785.0K
$686.9K – $915.9K
NOI $54,952 @ 7.0% cap · market cap 6.11%
Theoretical Best
Specialty Retail
$1.49M
$1.30M – $1.74M
NOI $104,328 @ 7.0% cap · market cap 11.60%
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
1,942
Businesses Nearby
Explore this area
Business Placement
Demographics for 11234, NY
92,133
Population
35,167
Households
2.6
Avg Household Size
41
Median Age
39%
College-Educated
89%
High-School Grad
7.4 sq mi
ZIP Area
12,450
Density / Sq Mi
$94,434
Median Household Income
$55,206
Median Earnings
$1,771
Median Rent
$746,800
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-family residence with updated kitchens, refreshed baths, flexible living spaces, and a landscaped rear yard.
Where is this duplex located?
The property is located at 3421 Avenue S 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: Two‑family brick duplex built in 1925; Upper level with 3 bedrooms, full bath, living room, and newer kitchen; First floor includes 2 bedrooms, newer kitchen, and newer 3/4 bath
