Detached Two-Family
For Sale
$1,888,888
Pending
69 Martense Street, Brooklyn, NY 11226
Residential Income, Brooklyn, NY
Property Size2,660 SF
Lot Size0.10 Acres
Days on Market243
Property Features for 69 Martense Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 5, Bedroom 2, Dining Room, Bedroom 6, Basement, Bathroom 1, Bathroom 2, Bedroom 3, Bedroom 1
Parking
6
Parking features
Parking Lot, Driveway, Garage
Interior features
First Floor Bedroom, First Floor Full Bath, Eat-in Kitchen, Formal Dining, High Ceilings, Master Downstairs
Basement
Partially Finished, Full, Walk-Out Access
Special listing conditions
Probate Listing, Third Party Approval
Standard status
Pending
APN
05086-0058
Lot size
0.10 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
8494
Utilities
Utilities
Water Available
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Amenities
laundry room
recreation space
Building Details
Year built
1930
Number of units
2
Building materials
Frame
Architectural style
Colonial
Listing Agency:
Mitra Hakimi Realty Group LLC
Listed By:
Etan Hakimi · License #1014541
(718) 268-5588
Added: Jan 25
Changed: Sep 13
Last Checked: Sep 25 at 7:06AM
MLS# 955280
Copyright © 2026 OneKey MLS. 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 detached Colonial-style duplex, built in 1930, contains 2,660 square feet of living space on a 4,176-square-foot lot measuring 29.92 feet by 139.58 feet. Each apartment includes three bedrooms, a living room, dining room, full bathroom, and windowed eat-in kitchen. The semi-finished basement has its own entrance, laundry room, and recreation area. A 22-by-55-foot building footprint, frame construction, natural-gas heat, driveway, garage, and parking lot are also included.
The property is located at 69 Martense Street in Brooklyn’s Flatbush section, near Prospect Park, Brooklyn Botanic Garden, and Kings Theatre. Transit options cited for the property include the 2 and 5 trains at Church Avenue, the B and Q lines, and the B35, B41, and B44 bus routes.
R7A zoning and a 4.0 FAR are identified, with 16,704 buildable square feet cited for potential residential development subject to independent verification. The property is an estate sale, and closing is subject to issuance of Letters from the Surrogate’s Court.
The property is located at 69 Martense Street in Brooklyn’s Flatbush section, near Prospect Park, Brooklyn Botanic Garden, and Kings Theatre. Transit options cited for the property include the 2 and 5 trains at Church Avenue, the B and Q lines, and the B35, B41, and B44 bus routes.
R7A zoning and a 4.0 FAR are identified, with 16,704 buildable square feet cited for potential residential development subject to independent verification. The property is an estate sale, and closing is subject to issuance of Letters from the Surrogate’s Court.
Key Highlights
- Two‑family detached residence with two three‑bedroom apartments
- 4,176‑square‑foot lot measuring 29.92 ft x 139.58 ft
- 2,660 square feet of living space with a 22x55 building footprint
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
$67,427
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
3.57%
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%
$1,348,540
$1.3M
Cap Rate 7%
$963,243
$963.2K
Cap Rate 9%
$749,189
$749.2K
Market Conditions
NOI Build-Up for 2,660 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
$100.5K $37.80/SF
− Vacancy
−$4.2K −$1.59/SF
EGI
$96.3K $36.21/SF
− OpEx
−$28.9K −$10.86/SF
NOI
$67.4K $25.35/SF
Area
ZIP 11226
Vacancy
4.20%
Lease Rate
$37.80 /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%
$1,348,540
Cap Rate 7%
$963,243
Cap Rate 9%
$749,189
Alternative Uses
Best Use
Multifamily LT 5
$963.2K
$842.8K – $1.12M
NOI $67,427 @ 7.0% cap · market cap 3.57%
Second Best
Apartment 5plus
$890.8K
$779.5K – $1.04M
NOI $62,359 @ 7.0% cap · market cap 3.30%
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $92,032 @ 7.0% cap · market cap 4.87%
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
5,488
Businesses Nearby
Explore this area
Business Placement
Demographics for 11226, NY
101,727
Population
42,618
Households
2.4
Avg Household Size
37
Median Age
36%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
78,252
Density / Sq Mi
$81,084
Median Household Income
$49,892
Median Earnings
$1,751
Median Rent
$866,300
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 - Detached two-family residence with two three-bedroom apartments, a separate-entry basement, and public water and sewer service.
Where is this duplex located?
The property is located at 69 Martense Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,888,888.
What are key features of this property?
This property features: Two‑family detached residence with two three‑bedroom apartments; 4,176‑square‑foot lot measuring 29.92 ft x 139.58 ft; 2,660 square feet of living space with a 22x55 building footprint
