Brick Duplex with
For Sale
$1,690,000
489 E 3rd St, Brooklyn, NY 11218
Two apartments combine five bedrooms with a sunroom, balcony, and shared driveway.
Property Size2,360 SF
Days on Market61
Property Features for 489 E 3rd St
General Information
Standard status
Active
Size
2,360 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$9,002
Building Details
Building Size
2,360 SF
Year Built
1925
Stories
2
Listing Agency:
Womcore LLC dba Remax Edge
Listed By:
Renzhang Danny Dong · License #RD7348
(718) 612-3088
Source:
Elliman
Added: Aug 28
Changed: Oct 25
Last Checked: Oct 26 at 5:46PM
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 Womcore LLC dba Remax Edge
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Investment Insights
Based on property information with market context.
This semi-attached brick duplex contains two separate apartments arranged as a two-bedroom first-floor residence and a three-bedroom second-floor residence. The lower unit includes a living room, eat-in kitchen, full bathroom, and front sunroom. Upstairs, the three-bedroom layout adds a full bathroom and front balcony. A two-car garage and shared driveway measuring approximately 12 feet wide are also included.
The property is at 489 E 3rd St in Brooklyn’s Kensington neighborhood, near markets, restaurants, cafés, schools, parks, and public transportation. F train service is available from the Ditmas Avenue and Church Avenue stations, with connections to Manhattan and other Brooklyn destinations. Built in 1925, the duplex offers a flexible arrangement for owner occupancy or rental use as described in the property information.
The property is at 489 E 3rd St in Brooklyn’s Kensington neighborhood, near markets, restaurants, cafés, schools, parks, and public transportation. F train service is available from the Ditmas Avenue and Church Avenue stations, with connections to Manhattan and other Brooklyn destinations. Built in 1925, the duplex offers a flexible arrangement for owner occupancy or rental use as described in the property information.
Key Highlights
- Two apartments with a 2‑bedroom over 3‑bedroom layout
- Five total bedrooms across the duplex
- Front sunroom on the first‑floor apartment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$82,651
Cap Rate
4.89%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,653,020
$1.7M
Cap Rate 7%
$1,180,729
$1.2M
Cap Rate 9%
$918,344
$918.3K
Market Conditions
NOI Build-Up for 2,360 SF
Gross rent
$120.4K $51.00/SF
− Vacancy
−$2.3K −$0.97/SF
EGI
$118.1K $50.03/SF
− OpEx
−$35.4K −$15.01/SF
NOI
$82.7K $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 Rate 5%
$1,653,020
Cap Rate 7%
$1,180,729
Cap Rate 9%
$918,344
Alternative Uses
Best Use
Multifamily LT 5
$1.18M
$1.03M – $1.38M
NOI $82,651 @ 7.0% cap · market cap 4.89%
Second Best
Apartment 5plus
$1.03M
$900.6K – $1.20M
NOI $72,048 @ 7.0% cap · market cap 4.26%
Theoretical Best
Specialty Retail
$1.95M
$1.71M – $2.28M
NOI $136,786 @ 7.0% cap · market cap 8.09%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
7,892
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two apartments combine five bedrooms with a sunroom, balcony, and shared driveway.
Where is this duplex located?
The property is located at 489 E 3rd St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,690,000.
What are key features of this property?
This property features: Two apartments with a 2‑bedroom over 3‑bedroom layout; Five total bedrooms across the duplex; Front sunroom on the first‑floor apartment
