Detached Corner Lot
For Sale
$729,999
8 Lester Court, Brooklyn, NY 11229
SINGLE_FAMILY - Brooklyn, NY
Property Size1,880 SF
Lot Size0.04 Acres
Price / SF$388.30
Days on Market435
Property Features for 8 Lester Court
General Information
Property type
Residential
Property subtype
Duplex
Zoning
R4
Bedrooms
4
Bathrooms
2
Full bathrooms
1
Rooms
Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 3, Bedroom 4, Bedroom 2
Interior features
A/C Unit - Wall, Dishwasher, Dryer, Laundry Area, Microwave, Refrigerator, Stove
Basement
Unfinished
Subdivision
Gerritsen Beach
Standard status
Active
Size
1,880 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
5171
Building Details
Year built
1920
Floors in Building
2
Flooring type
Hardwood, Linoleum
Building materials
Wood Frame, Masonry
Roof type
Asphalt
Architectural style
Other
Listing Agency:
RE/MAX Edge · RE/MAX International
(718) 612-3088
Listed By:
Yu-Fen (Madeline) Chiu
(718) 612-3088
Added: Jun 5, 2025
Changed: Aug 4
Last Checked: Aug 13 at 7:06AM
MLS# 493141
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 fully detached single-family home on a sunny corner lot offers a bright first floor with a spacious living and dining area, plus a large eat-in kitchen with granite countertops and stainless steel appliances. A full bathroom also serves the main level. Downstairs, the basement includes a laundry area with a washer and dryer, along with a new boiler and water heater, and a private side entrance that opens to a newly built, generously sized sunroom surrounded by a brand-new fence.
Upstairs, the home features four spacious bedrooms and a sleek, modern bathroom with a stand-up shower. An attic provides additional storage, and the property includes a dedicated private parking spot. The home is located at 8 Lester Court in Brooklyn, NY 11229, within an R4 zoning classification.
Upstairs, the home features four spacious bedrooms and a sleek, modern bathroom with a stand-up shower. An attic provides additional storage, and the property includes a dedicated private parking spot. The home is located at 8 Lester Court in Brooklyn, NY 11229, within an R4 zoning classification.
Key Highlights
- Fully detached home on a sunny corner lot with a private front and backyard
- Eat‑in kitchen with granite countertops and stainless steel appliances (dishwasher, microwave, refrigerator, stove)
- Basement laundry area with washer and dryer plus new boiler and water heater
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
$57,394
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
7.86%
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%
$1,147,880
$1.1M
Cap Rate 7%
$819,914
$819.9K
Cap Rate 9%
$637,711
$637.7K
Market Conditions
NOI Build-Up for 1,880 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
$106.5K $56.64/SF
− Vacancy
−$2.1K −$1.13/SF
EGI
$104.4K $55.51/SF
− OpEx
−$47.0K −$24.98/SF
NOI
$57.4K $30.53/SF
Area
Brooklyn, NY
Vacancy
2.00%
Lease Rate
$56.64 /SF/Yr
Expense Ratio
45.00%
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%
$1,147,880
Cap Rate 7%
$819,914
Cap Rate 9%
$637,711
Alternative Uses
Best Use
Apartment 5plus
$819.9K
$717.4K – $956.6K
NOI $57,394 @ 7.0% cap · market cap 7.86%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.56M
$1.36M – $1.82M
NOI $108,965 @ 7.0% cap · market cap 14.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
523
Businesses Nearby
Explore this area
Business Placement
Demographics for 11229, NY
83,669
Population
33,353
Households
2.5
Avg Household Size
40
Median Age
41%
College-Educated
88%
High-School Grad
2.0 sq mi
ZIP Area
41,835
Density / Sq Mi
$72,556
Median Household Income
$52,948
Median Earnings
$1,666
Median Rent
$812,200
Median Home Value
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 - Fully detached home on a sunny corner lot with four bedrooms, a new sunroom, and a private parking spot.
Where is this single family property located?
The property is located at 8 Lester Court Brooklyn, NY.
What is the asking price?
The asking price for this property is $729,999.
What are key features of this property?
This property features: Fully detached home on a sunny corner lot with a private front and backyard; Eat‑in kitchen with granite countertops and stainless steel appliances (dishwasher, microwave, refrigerator, stove); Basement laundry area with washer and dryer plus new boiler and water heater
