Renovated Two-Family Home, Brighton
For Sale
$1,100,000
38 Corbin Pl, Brooklyn, NY 11235
Renovated two-family home near boardwalk, beaches, and subway.
Property Size1,877 SF
Price / SF$586.04
Days on Market108
Property Features for 38 Corbin Pl
General Information
Standard status
Active
Size
1,877 SF
Property subtype
Multi Family
Building Details
Year Built
1940
Listing Agency:
RE/MAX Real Estate Professionals
(917) 708-9966
Listed By:
Emily Hui Chen-Liang
(917) 708-9966
Source:
Elliman
Added: Apr 28
Changed: Jul 10
Last Checked: Aug 12 at 5:42AM
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 RE/MAX Real Estate Professionals
Investment Insights
Based on property information with market context.
This renovated two-family home is located in Brighton Beach, Brooklyn, offering over 1,877 sq ft across two units. The property is situated near the boardwalk, beaches, shopping, dining, and multiple subway lines. The first floor apartment features a living room, two bedrooms, an updated kitchen, a full bath, and a sunroom, with access to a laundry area and a private rear yard. The second floor unit includes a living room, dining area, and a new modern kitchen with cabinetry, along with two bedrooms. The property also features a private driveway/carport. This property offers investment potential in a beachside location.
Key Highlights
- Prime Brighton Beach location: Steps from the boardwalk, beaches, shopping, dining, and subway lines.
- Two‑family home: Ideal for generating rental income or multi‑generational living.
- Recently renovated: Modern updates throughout both units, move‑in ready condition.
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
$65,736
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
5.98%
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%
$1,314,720
$1.3M
Cap Rate 7%
$939,086
$939.1K
Cap Rate 9%
$730,400
$730.4K
Market Conditions
NOI Build-Up for 1,877 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
$95.7K $51.00/SF
− Vacancy
−$1.8K −$0.97/SF
EGI
$93.9K $50.03/SF
− OpEx
−$28.2K −$15.01/SF
NOI
$65.7K $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%
$1,314,720
Cap Rate 7%
$939,086
Cap Rate 9%
$730,400
Alternative Uses
Best Use
Multifamily LT 5
$939.1K
$821.7K – $1.10M
NOI $65,736 @ 7.0% cap · market cap 5.98%
Second Best
Apartment 5plus
$818.6K
$716.3K – $955.1K
NOI $57,303 @ 7.0% cap · market cap 5.21%
Theoretical Best
Specialty Retail
$1.55M
$1.36M – $1.81M
NOI $108,791 @ 7.0% cap · market cap 9.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,838
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
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 - Renovated two-family home near boardwalk, beaches, and subway.
Where is this duplex located?
The property is located at 38 Corbin Pl Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Prime Brighton Beach location: Steps from the boardwalk, beaches, shopping, dining, and subway lines.; Two‑family home: Ideal for generating rental income or multi‑generational living.; Recently renovated: Modern updates throughout both units, move‑in ready condition.
