Brick Duplex with Two
New
For Sale
$1,690,000
489 E 3rd Street, Brooklyn, NY 11218
Residential, Brooklyn, NY
Property Size2,360 SF
Lot Size0.06 Acres
Price / SF$716.10
Days on Market3
Property Features for 489 E 3rd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 5, Bathroom 2, Bedroom 1, Bedroom 4, Bedroom 2, Bathroom 1, Bedroom 3
Parking features
Garage - Detached
Interior features
A/C Unit - Window, Refrigerator, Stove
Basement
Full, Finished
Subdivision
Kensington
Standard status
Active
Size
2,360 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
9002
Amenities
front sunroom
second-floor balcony
Building Details
Year built
1925
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Tile
Building materials
Brick
Roof type
Flat
Listing Agency:
RE/MAX Edge · RE/MAX International
(718) 612-3088
Listed By:
Renzhang Danny Dong · License #RD7348
(718) 612-3088
Added: Aug 26
Last Checked: Aug 28 at 5:06AM
MLS# 504046
Copyright © 2026 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1925, this semi-attached brick duplex contains 2,360 square feet across two apartments. The lower residence has two bedrooms, a living room, eat-in kitchen, full bathroom, and front sunroom. Upstairs, the three-bedroom apartment includes a full bathroom and front balcony. Hardwood and tile flooring, window A/C units, a refrigerator, and a stove are among the interior features. The property also includes a detached two-car garage and a shared driveway approximately 12 feet wide.
The home is located at 489 E 3rd Street in Brooklyn’s Kensington neighborhood, near markets, restaurants, cafes, schools, parks, and public transportation. F train stations at Ditmas Avenue and Church Avenue provide service to Manhattan and other Brooklyn destinations. The property occupies approximately 0.0597 acres.
The home is located at 489 E 3rd Street in Brooklyn’s Kensington neighborhood, near markets, restaurants, cafes, schools, parks, and public transportation. F train stations at Ditmas Avenue and Church Avenue provide service to Manhattan and other Brooklyn destinations. The property occupies approximately 0.0597 acres.
Key Highlights
- Two‑apartment duplex with a 2‑bedroom lower unit and 3‑bedroom upper unit
- 2,360 square feet on approximately 0.0597 acres
- Detached 2‑car garage and shared driveway approximately 12 feet wide
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
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
5,413
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 - Five-bedroom layout with a detached garage, balcony, sunroom, and shared driveway.
Where is this duplex located?
The property is located at 489 E 3rd Street 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‑apartment duplex with a 2‑bedroom lower unit and 3‑bedroom upper unit; 2,360 square feet on approximately 0.0597 acres; Detached 2‑car garage and shared driveway approximately 12 feet wide
