Duplex with Finished
New
For Sale
$1,199,000
685 Essex St, Brooklyn, NY 11208
The two-family brick residence includes a private parking space and backyard area.
Property Size2,120 SF
Days on Market2
Property Features for 685 Essex St
General Information
Standard status
Active
Size
2,120 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$3,591
Building Details
Building Size
2,120 SF
Year Built
1930
Stories
2
Listing Agency:
Excell Choice Realty
Listed By:
Jeloni Cunningham
(718) 705-4646
Source:
Elliman
Added: Sep 24
Changed: Sep 25
Last Checked: Sep 24 at 2:09PM
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 Excell Choice Realty
Investment Insights
Based on property information with market context.
At 685 Essex St in Brooklyn, this semi-detached brick duplex was built in 1930 and contains two residences: a three-bedroom, one-bath upper unit and a two-bedroom, one-bath first-floor unit. Hardwood floors extend throughout, and the bedrooms are described as spacious with ample windows.
A finished basement has its own entrance, and the property also includes backyard space and a parking space. Walk Score is 87, Bike Score is 56, and Transit Score is 88.
A finished basement has its own entrance, and the property also includes backyard space and a parking space. Walk Score is 87, Bike Score is 56, and Transit Score is 88.
Key Highlights
- Two‑family, semi‑detached brick property built in 1930
- Upper residence has 3 bedrooms and 1 bath; first‑floor residence has 2 bedrooms and 1 bath
- Finished basement with a separate entrance
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
$54,421
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
4.54%
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%
$1,088,420
$1.1M
Cap Rate 7%
$777,443
$777.4K
Cap Rate 9%
$604,678
$604.7K
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
$81.4K $38.40/SF
− Vacancy
−$3.7K −$1.73/SF
EGI
$77.7K $36.67/SF
− OpEx
−$23.3K −$11.00/SF
NOI
$54.4K $25.67/SF
Area
ZIP 11208
Vacancy
4.50%
Lease Rate
$38.40 /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%
$1,088,420
Cap Rate 7%
$777,443
Cap Rate 9%
$604,678
Alternative Uses
Best Use
Multifamily LT 5
$777.4K
$680.3K – $907.0K
NOI $54,421 @ 7.0% cap · market cap 4.54%
Second Best
Apartment 5plus
$692.2K
$605.7K – $807.6K
NOI $48,457 @ 7.0% cap · market cap 4.04%
Theoretical Best
Office A
$1.30M
$1.14M – $1.51M
NOI $90,802 @ 7.0% cap · market cap 7.57%
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
2,161
Businesses Nearby
Explore this area
Business Placement
Demographics for 11208, NY
101,958
Population
37,261
Households
2.7
Avg Household Size
35
Median Age
16%
College-Educated
82%
High-School Grad
2.7 sq mi
ZIP Area
37,762
Density / Sq Mi
$59,988
Median Household Income
$40,156
Median Earnings
$1,563
Median Rent
$638,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - The two-family brick residence includes a private parking space and backyard area.
Where is this duplex located?
The property is located at 685 Essex St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: Two‑family, semi‑detached brick property built in 1930; Upper residence has 3 bedrooms and 1 bath; first‑floor residence has 2 bedrooms and 1 bath; Finished basement with a separate entrance
