Brick Duplex with
For Sale
$769,000
693 E 38th Street, Brooklyn, NY 11203
SINGLE_FAMILY - Brooklyn, NY
Property Size1,881 SF
Lot Size0.04 Acres
Price / SF$408.83
Days on Market47
Property Features for 693 E 38th Street
General Information
Property type
Residential
Property subtype
Duplex
Zoning
R4
Bedrooms
3
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 2, Bedroom 3, Bedroom 1, Bathroom 1
Patio and Porch features
Porch
Interior features
Garage Door Opener(s), Laundry Area, Microwave, Porch, Refrigerator, Stove, Washer
Basement
Full, Finished
Subdivision
East Flatbush
Standard status
Active
Size
1,881 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
6318
Building Details
Year built
1940
Flooring type
Hardwood, Ceramic
Building materials
Brick
Architectural style
Other
Listing Agency:
Welchs Int'nl Realty Group Inc
(347) 880-3680
Listed By:
Everton Welch
(718) 646-3600
Added: Jul 23
Changed: Aug 18
Last Checked: Sep 7 at 1:06PM
MLS# 503265
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.
693 E 38th Street is a brick duplex on a 0.0371-acre lot, built in 1940. The home features a porch and a mix of hardwood and ceramic flooring. Interior amenities include a laundry area plus everyday kitchen appliances such as a microwave, refrigerator, and stove, along with a washer.
The property is set under R4 zoning. Interior room layout includes three bedrooms and one bathroom.
The property is set under R4 zoning. Interior room layout includes three bedrooms and one bathroom.
Key Highlights
- Brick duplex with porch
- 0.0371‑acre lot
- 1881 SF (property size)
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
$65,876
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
8.57%
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%
$1,317,520
$1.3M
Cap Rate 7%
$941,086
$941.1K
Cap Rate 9%
$731,956
$732.0K
Market Conditions
NOI Build-Up for 1,881 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
$95.9K $51.00/SF
− Vacancy
−$1.8K −$0.97/SF
EGI
$94.1K $50.03/SF
− OpEx
−$28.2K −$15.01/SF
NOI
$65.9K $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%
$1,317,520
Cap Rate 7%
$941,086
Cap Rate 9%
$731,956
Alternative Uses
Best Use
Multifamily LT 5
$941.1K
$823.5K – $1.10M
NOI $65,876 @ 7.0% cap · market cap 8.57%
Second Best
Apartment 5plus
$820.4K
$717.8K – $957.1K
NOI $57,425 @ 7.0% cap · market cap 7.47%
Theoretical Best
Specialty Retail
$1.56M
$1.36M – $1.82M
NOI $109,023 @ 7.0% cap · market cap 14.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,167
Businesses Nearby
Explore this area
Business Placement
Demographics for 11203, NY
81,824
Population
33,434
Households
2.4
Avg Household Size
41
Median Age
26%
College-Educated
88%
High-School Grad
2.1 sq mi
ZIP Area
38,964
Density / Sq Mi
$68,028
Median Household Income
$47,302
Median Earnings
$1,566
Median Rent
$677,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Single family property - R4-zoned brick duplex with a porch, laundry area, and hardwood and ceramic flooring.
Where is this single family property located?
The property is located at 693 E 38th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $769,000.
What are key features of this property?
This property features: Brick duplex with porch; 0.0371‑acre lot; 1881 SF (property size)
