Mill Basin Two-Family
For Sale
$1,249,000
589 Mayfair Drive, Brooklyn, NY 11234
Semi-detached two-family home in Mill Basin, Brooklyn.
Property Size2,120 SF
Days on Market115
Property Features for 589 Mayfair Drive
General Information
Standard status
Active
Size
2,120 SF
Property subtype
Multi Family Home
Zoning
R5
Building Details
Building Size
2,120 SF
Year Built
1965
Stories
2
Listing Agency:
Bergen Basin Realty LLC
Listed By:
Tammy Barmack
(718) 763-4110
Source:
Michaelfraulo
Added: May 18
Changed: Sep 8
Last Checked: Sep 8 at 8:51AM
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 Bergen Basin Realty LLC
Investment Insights
Based on property information with market context.
This semi-detached two-family home is located on a tree-lined block in Mill Basin. Each unit features 3 bedrooms and 1.5 bathrooms, with granite countertops in the kitchens and bathrooms. The property includes a finished basement with a bonus room and full bathroom. There are two separate heating systems. A private driveway accommodates two cars. The location is considered very walkable with a walk score of 84, bikeable with a bike score of 66, and has excellent transit with a transit score of 80.
Key Highlights
- Two family home: ideal for multi‑generational living or rental income
- Finished basement: includes a bonus room and full bath, adding significant living space
- Granite kitchens and baths: high‑end finishes in both units
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
$74,246
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
5.94%
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%
$1,484,920
$1.5M
Cap Rate 7%
$1,060,657
$1.1M
Cap Rate 9%
$824,956
$825.0K
Market Conditions
NOI Build-Up for 2,120 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
$108.1K $51.00/SF
− Vacancy
−$2.1K −$0.97/SF
EGI
$106.1K $50.03/SF
− OpEx
−$31.8K −$15.01/SF
NOI
$74.2K $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%
$1,484,920
Cap Rate 7%
$1,060,657
Cap Rate 9%
$824,956
Alternative Uses
Best Use
Multifamily LT 5
$1.06M
$928.1K – $1.24M
NOI $74,246 @ 7.0% cap · market cap 5.94%
Second Best
Apartment 5plus
$924.6K
$809.0K – $1.08M
NOI $64,721 @ 7.0% cap · market cap 5.18%
Theoretical Best
Specialty Retail
$1.76M
$1.54M – $2.05M
NOI $122,875 @ 7.0% cap · market cap 9.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,188
Businesses Nearby
Explore this area
Business Placement
Demographics for 11234, NY
92,133
Population
35,167
Households
2.6
Avg Household Size
41
Median Age
39%
College-Educated
89%
High-School Grad
7.4 sq mi
ZIP Area
12,450
Density / Sq Mi
$94,434
Median Household Income
$55,206
Median Earnings
$1,771
Median Rent
$746,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Semi-detached two-family home in Mill Basin, Brooklyn.
Where is this duplex located?
The property is located at 589 Mayfair Drive Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,249,000.
What are key features of this property?
This property features: Two family home: ideal for multi‑generational living or rental income; Finished basement: includes a bonus room and full bath, adding significant living space; Granite kitchens and baths: high‑end finishes in both units
