Renovated Two-Family
New
For Sale
$1,995,000
738 E 23RD St, Brooklyn, NY 11210
Separate apartment, private parking, and finished lower-level space expand the property’s residential flexibility.
Property Size2,640 SF
Days on Market3
Property Features for 738 E 23RD St
General Information
Standard status
Active
Size
2,640 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 4BR/3.5BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$10,584
Amenities
vaulted ceilings
exposed wood beams
oversized windows
brick fireplace
hardwood floors
stainless steel appliances
center island
walk-in closet
soaking tub
finished lower level
laundry area
private entrance
front garden
backyard
private driveway
garage
Building Details
Building Size
2,640 SF
Year Built
1920
Buildings
1
Listing Agency:
Serhant
Listed By:
Abigail Palanca
(718) 938-7308
Source:
Elliman
Added: Sep 9
Last Checked: Sep 10 at 10:12AM
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 Serhant
Investment Insights
Based on property information with market context.
This renovated two-family residence combines a four-bedroom, three-and-a-half-bath main home with a separate one-bedroom, one-bath apartment. The primary residence includes an open living and dining area with vaulted ceilings, exposed beams, oversized windows, a brick fireplace, hardwood flooring, and an island kitchen with stainless steel appliances. Its primary suite offers a walk-in closet and en-suite bath, while the finished lower level adds adaptable room for a den, office, playroom, gym, or media area. A dedicated laundry area is also included.
The accessory apartment has its own entrance, kitchen, living area, and walk-in closet, providing a distinct second living space. Outdoor features include front and rear gardens, a private driveway, and a garage. The property was built in 1920 and carries a 91 Walk Score, 96 Transit Score, and 66 Bike Score.
The accessory apartment has its own entrance, kitchen, living area, and walk-in closet, providing a distinct second living space. Outdoor features include front and rear gardens, a private driveway, and a garage. The property was built in 1920 and carries a 91 Walk Score, 96 Transit Score, and 66 Bike Score.
Key Highlights
- Two‑family layout with five bedrooms and four‑and‑a‑half bathrooms
- Main residence offers four bedrooms and three‑and‑a‑half bathrooms
- Separate one‑bedroom, one‑bath apartment with private 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
$92,457
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
4.63%
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%
$1,849,140
$1.8M
Cap Rate 7%
$1,320,814
$1.3M
Cap Rate 9%
$1,027,300
$1.0M
Market Conditions
NOI Build-Up for 2,640 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
$134.6K $51.00/SF
− Vacancy
−$2.6K −$0.97/SF
EGI
$132.1K $50.03/SF
− OpEx
−$39.6K −$15.01/SF
NOI
$92.5K $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%
$1,849,140
Cap Rate 7%
$1,320,814
Cap Rate 9%
$1,027,300
Alternative Uses
Best Use
Multifamily LT 5
$1.32M
$1.16M – $1.54M
NOI $92,457 @ 7.0% cap · market cap 4.63%
Second Best
Apartment 5plus
$1.15M
$1.01M – $1.34M
NOI $80,596 @ 7.0% cap · market cap 4.04%
Theoretical Best
Specialty Retail
$2.19M
$1.91M – $2.55M
NOI $153,014 @ 7.0% cap · market cap 7.67%
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
4,276
Businesses Nearby
Explore this area
Business Placement
Demographics for 11210, NY
62,805
Population
22,817
Households
2.8
Avg Household Size
38
Median Age
39%
College-Educated
89%
High-School Grad
1.6 sq mi
ZIP Area
39,253
Density / Sq Mi
$83,261
Median Household Income
$50,286
Median Earnings
$1,734
Median Rent
$817,600
Median Home Value
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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 - Separate apartment, private parking, and finished lower-level space expand the property’s residential flexibility.
Where is this duplex located?
The property is located at 738 E 23RD St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Two‑family layout with five bedrooms and four‑and‑a‑half bathrooms; Main residence offers four bedrooms and three‑and‑a‑half bathrooms; Separate one‑bedroom, one‑bath apartment with private entrance
