Brick Duplex with Finished
For Sale
$1,550,000
Pending
37 Chester Avenue, Brooklyn, NY 11218
Two residential floors offer spacious layouts, while a finished basement adds kitchen space and separate front access.
Property Size2,800 SF
Days on Market107
Property Features for 37 Chester Avenue
General Information
Standard status
Pending
Size
2,800 SF
Property subtype
Multi Family
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$8,958
Building Details
Building Size
2,800 SF
Year Built
1930
Buildings
1
Stories
2
Construction
brick
Listing Agency:
Compass
Listed By:
Scott G Klein
(347) 423-9483
Source:
Miradorrealestate
Added: May 26
Changed: Sep 8
Last Checked: Sep 8 at 12:19PM
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 Compass
Investment Insights
Based on property information with market context.
Located at 37 Chester Avenue, this two-family brick residence was built in 1930 and provides approximately 2,800 livable square feet across two residential floors. Each apartment includes three bedrooms, a living room, formal dining room, and eat-in kitchen. Wood floors, oversized windows, and substantial closet storage contribute to the interior character and functionality.
A full finished basement includes windows, a kitchen, half bathroom, and its own entrance from the front of the property. The home also includes a private attached garage. The property sits on the Kensington and Windsor Terrace border, near Green-Wood Cemetery and Prospect Park, with access to the F and G trains and B35, B16, B67, and B69 bus lines.
Walk Score is 93, Transit Score is 95, and Bike Score is 81. The configuration supports two-family occupancy, with additional finished basement space for flexible use subject to buyer verification.
A full finished basement includes windows, a kitchen, half bathroom, and its own entrance from the front of the property. The home also includes a private attached garage. The property sits on the Kensington and Windsor Terrace border, near Green-Wood Cemetery and Prospect Park, with access to the F and G trains and B35, B16, B67, and B69 bus lines.
Walk Score is 93, Transit Score is 95, and Bike Score is 81. The configuration supports two-family occupancy, with additional finished basement space for flexible use subject to buyer verification.
Key Highlights
- Two‑family brick residence at 37 Chester Ave, Brooklyn, NY 11218
- Approximately 2,800 livable square feet across two residential floors
- Each unit offers 3 bedrooms, living room, formal dining room, and eat‑in kitchen
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
$98,061
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
6.33%
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%
$1,961,220
$2.0M
Cap Rate 7%
$1,400,871
$1.4M
Cap Rate 9%
$1,089,567
$1.1M
Market Conditions
NOI Build-Up for 2,800 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
$142.8K $51.00/SF
− Vacancy
−$2.7K −$0.97/SF
EGI
$140.1K $50.03/SF
− OpEx
−$42.0K −$15.01/SF
NOI
$98.1K $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%
$1,961,220
Cap Rate 7%
$1,400,871
Cap Rate 9%
$1,089,567
Alternative Uses
Best Use
Multifamily LT 5
$1.40M
$1.23M – $1.63M
NOI $98,061 @ 7.0% cap · market cap 6.33%
Second Best
Apartment 5plus
$1.22M
$1.07M – $1.42M
NOI $85,481 @ 7.0% cap · market cap 5.51%
Theoretical Best
Specialty Retail
$2.32M
$2.03M – $2.70M
NOI $162,288 @ 7.0% cap · market cap 10.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
4,222
Businesses Nearby
Explore this area
Business Placement
Demographics for 11218, NY
78,642
Population
27,403
Households
2.9
Avg Household Size
35
Median Age
51%
College-Educated
86%
High-School Grad
1.4 sq mi
ZIP Area
56,173
Density / Sq Mi
$95,916
Median Household Income
$55,190
Median Earnings
$1,966
Median Rent
$914,300
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 - Two residential floors offer spacious layouts, while a finished basement adds kitchen space and separate front access.
Where is this duplex located?
The property is located at 37 Chester Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Two‑family brick residence at 37 Chester Ave, Brooklyn, NY 11218; Approximately 2,800 livable square feet across two residential floors; Each unit offers 3 bedrooms, living room, formal dining room, and eat‑in kitchen
