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 Market13
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: Sep 4
Last Checked: Sep 8 at 8:13AM
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
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 = 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
$82,651
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
4.89%
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%
$1,653,020
$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
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
$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 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%
$1,653,020
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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,892
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 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
