Brick Duplex with Finished
New
For Sale
$1,075,000
685 Essex Street, Brooklyn, NY 11208
Residential, Brooklyn, NY
Property Size2,120 SF
Lot Size0.06 Acres
Price / SF$507.08
Days on Market2
Property Features for 685 Essex Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R5
Bedrooms
5
Bathrooms
2
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 5, Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 1
Interior features
Refrigerator, Stove
Basement
Finished, Full
Subdivision
East New York
Standard status
Active
Size
2,120 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
3591
Amenities
finished basement
backyard
Building Details
Year built
1930
Floors in Building
2
Number of units
2
Flooring type
Hardwood
Building materials
Brick
Listing Agency:
Excell Choice Realty
(718) 705-4646
Listed By:
Jeloni Cunningham
(718) 345-4545
Added: Sep 23
Changed: Sep 24
Last Checked: Sep 24 at 7:06PM
MLS# 504816
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 1930-built brick duplex contains 2,120 square feet across two residential units. The upper residence offers 3 bedrooms and 1 bathroom, while the lower unit includes 2 bedrooms, 1 bathroom, a living room, and a dining room. Both units feature hardwood flooring, and the property includes a refrigerator and stove. A full finished basement has its own entrance and adds flexible interior space.
Set on a 0.0574-acre lot at 685 Essex Street in Brooklyn, the property includes backyard space and a parking space. The parcel is zoned R5 and located in Kings County, with a 11208 postal designation.
Set on a 0.0574-acre lot at 685 Essex Street in Brooklyn, the property includes backyard space and a parking space. The parcel is zoned R5 and located in Kings County, with a 11208 postal designation.
Key Highlights
- Two‑unit brick duplex built in 1930
- 2,120 square feet on a 0.0574‑acre lot
- Three‑bedroom upper unit and two‑bedroom lower unit
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
5.06%
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 5.06%
Second Best
Apartment 5plus
$692.2K
$605.7K – $807.6K
NOI $48,457 @ 7.0% cap · market cap 4.51%
Theoretical Best
Office A
$1.30M
$1.14M – $1.51M
NOI $90,802 @ 7.0% cap · market cap 8.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
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
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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 - Two-family residential property with separate living units, private outdoor space, and on-site parking.
Where is this duplex located?
The property is located at 685 Essex Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,075,000.
What are key features of this property?
This property features: Two‑unit brick duplex built in 1930; 2,120 square feet on a 0.0574‑acre lot; Three‑bedroom upper unit and two‑bedroom lower unit
