Two-Family Brick
For Sale
$1,249,000
589 Mayfair Drive, Brooklyn, NY 11234
Residential, Brooklyn, NY
Property Size2,120 SF
Lot Size0.06 Acres
Price / SF$589.15
Days on Market114
Property Features for 589 Mayfair Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R5
Bedrooms
6
Bathrooms
5
Full bathrooms
3
Half bathrooms
2
Rooms
Bedroom 6, Bedroom 4, Bedroom 5, Bathroom 4, Bathroom 1, Bathroom 2, Bedroom 3, Bathroom 3, Bathroom 5, Bedroom 1, Bedroom 2
Patio and Porch features
Porch
Interior features
Dishwasher, Microwave, Porch, Refrigerator, Stove
Basement
Full, Finished
Subdivision
Mill Basin
Standard status
Active
Size
2,120 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
8719
Building Details
Year built
1965
Floors in Building
2
Number of units
2
Flooring type
Granite, Hardwood
Building materials
Brick
Listing Agency:
Bergen Basin Realty LLC
(718) 763-4110
Listed By:
Tammy Barmack
(718) 968-4444
Added: May 18
Changed: Sep 5
Last Checked: Sep 8 at 4:06AM
MLS# 501548
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.
This 1965 brick duplex contains two residential units, each arranged with three bedrooms and one and a half baths. The 2,120-square-foot property also includes granite-finished kitchens and baths, hardwood and granite flooring, and a finished basement with a bonus room and full baths. Separate heating systems serve the two units, while listed appliances include refrigerators, stoves, dishwashers, and microwaves. A porch adds exterior amenity space.
The property occupies a 0.0574-acre lot at 589 Mayfair Drive in Brooklyn, NY 11234. Private driveway parking accommodates two cars. The property is designated R5 and is classified as a duplex within the multifamily property category.
The property occupies a 0.0574-acre lot at 589 Mayfair Drive in Brooklyn, NY 11234. Private driveway parking accommodates two cars. The property is designated R5 and is classified as a duplex within the multifamily property category.
Key Highlights
- Two residential units, each with 3 bedrooms and 1.5 baths
- 2,120 square feet on a 0.0574‑acre lot
- Finished basement with bonus room and full baths
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
Property Profile
Current Use
Lease Details
2
Residential units
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
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 - Semi-detached residential property with two separate heating systems, private parking, and finished lower-level space.
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 residential units, each with 3 bedrooms and 1.5 baths; 2,120 square feet on a 0.0574‑acre lot; Finished basement with bonus room and full baths
