Well-Kept Two-Unit Brick
For Sale
$1,300,000
690A Lexington Avenue, Brooklyn, NY 11221
Two-family brick residence with community driveway parking for two cars and distinct unit layouts.
Property Size2,820 SF
Price / SF$460.99
Days on Market196
Property Features for 690A Lexington Avenue
General Information
Standard status
Active
Size
2,820 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$8,300
Building Details
Building Size
2,820 SF
Year Built
2002
Listing Agency:
Tiger Realty
Listed By:
Bao Yan (Serena) Ma
(718) 838-2600
Source:
Penrealty
Added: Feb 24
Changed: Aug 13
Last Checked: Sep 7 at 9:46AM
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 Tiger Realty
Investment Insights
Based on property information with market context.
This well-kept two-family brick residence is configured as a duplex on a 20x100 lot, with a 20x47 building size. The property offers community driveway parking for two cars. The first unit features 3 bedrooms and 2 full/three-quarter baths, while the second apartment has 2 bedrooms and 1 full bath.
The home is located at 690A Lexington Avenue in Brooklyn, NY 11221.
A total of two separate apartments are in place, making the property suitable for both owner-occupants seeking rental income and investors looking for a residential income asset.
The home is located at 690A Lexington Avenue in Brooklyn, NY 11221.
A total of two separate apartments are in place, making the property suitable for both owner-occupants seeking rental income and investors looking for a residential income asset.
Key Highlights
- Well‑kept 2‑family brick residence built in 2002
- Each unit features distinct layouts: one duplex unit has 3 bedrooms and 2 3/4 baths; the second apartment has 2 bedrooms and 1 full bath
- 20x47 building size on a 20x100 lot
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
$98,761
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
7.60%
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%
$1,975,220
$2.0M
Cap Rate 7%
$1,410,871
$1.4M
Cap Rate 9%
$1,097,344
$1.1M
Market Conditions
NOI Build-Up for 2,820 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
$143.8K $51.00/SF
− Vacancy
−$2.7K −$0.97/SF
EGI
$141.1K $50.03/SF
− OpEx
−$42.3K −$15.01/SF
NOI
$98.8K $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%
$1,975,220
Cap Rate 7%
$1,410,871
Cap Rate 9%
$1,097,344
Alternative Uses
Best Use
Multifamily LT 5
$1.41M
$1.23M – $1.65M
NOI $98,761 @ 7.0% cap · market cap 7.60%
Second Best
Apartment 5plus
$1.23M
$1.08M – $1.43M
NOI $86,092 @ 7.0% cap · market cap 6.62%
Theoretical Best
Specialty Retail
$2.33M
$2.04M – $2.72M
NOI $163,447 @ 7.0% cap · market cap 12.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,119
Businesses Nearby
Explore this area
Business Placement
Demographics for 11221, NY
89,222
Population
38,690
Households
2.3
Avg Household Size
33
Median Age
42%
College-Educated
84%
High-School Grad
1.4 sq mi
ZIP Area
63,730
Density / Sq Mi
$85,122
Median Household Income
$49,202
Median Earnings
$2,055
Median Rent
$1,061,400
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 - Two-family brick residence with community driveway parking for two cars and distinct unit layouts.
Where is this duplex located?
The property is located at 690A Lexington Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Well‑kept 2‑family brick residence built in 2002; Each unit features distinct layouts: one duplex unit has 3 bedrooms and 2 3/4 baths; the second apartment has 2 bedrooms and 1 full bath; 20x47 building size on a 20x100 lot
