Brick Triplex with On-Site
New
For Sale
$2,500,000
8685 23rd Avenue, Brooklyn, NY 11214
Residential, Brooklyn, NY
Property Size3,407 SF
Lot Size0.07 Acres
Price / SF$733.78
Days on Market2
Property Features for 8685 23rd Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R5
Bedrooms
8
Bathrooms
5
Full bathrooms
3
Half bathrooms
2
Rooms
Bedroom 8, Bathroom 4, Bedroom 4, Bathroom 2, Bedroom 3, Bedroom 6, Bedroom 1, Bedroom 5, Bedroom 2, Bedroom 7, Bathroom 5, Bathroom 1, Bathroom 3
Interior features
Refrigerator, Stove
Subdivision
Bath Beach
Standard status
Active
Size
3,407 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
13224
Building Details
Year built
1960
Floors in Building
2
Number of units
3
Flooring type
Hardwood, Ceramic
Building materials
Brick
Roof type
Flat
Listing Agency:
RE/MAX Edge · RE/MAX International
Listed By:
Albert Taye · License #TAYA286
(718) 612-3088
Added: Nov 4
Changed: Nov 5
Last Checked: Nov 5 at 1:06PM
MLS# 505827
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.
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Investment Insights
Based on property information with market context.
This 3,407-square-foot brick triplex, built in 1960, contains three apartments: two three-bedroom units and one two-bedroom unit. The second- and third-floor apartments each have 1.5 bathrooms. Hardwood flooring, updated kitchens and bathrooms, and individual heating boilers are among the interior features. Two apartments—a three-bedroom and a two-bedroom—are vacant. The property occupies a 0.0688-acre corner lot and has parking for 8+ vehicles. Zoning is R5.
Located at 8685 23rd Avenue, the property sits at the corner of 23rd Avenue and Benson Avenue in Brooklyn. The listing notes access to shopping, restaurants, and public transportation, with 86th Street a short distance away.
Located at 8685 23rd Avenue, the property sits at the corner of 23rd Avenue and Benson Avenue in Brooklyn. The listing notes access to shopping, restaurants, and public transportation, with 86th Street a short distance away.
Key Highlights
- Three apartments: two 3‑bedroom units and one 2‑bedroom unit
- Parking for 8+ vehicles
- Two units are vacant: one 3‑bedroom and one 2‑bedroom apartment
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$92,925
Cap Rate
3.72%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,858,500
$1.9M
Cap Rate 7%
$1,327,500
$1.3M
Cap Rate 9%
$1,032,500
$1.0M
Market Conditions
NOI Build-Up for 3,407 SF
Gross rent
$139.0K $40.80/SF
− Vacancy
−$6.3K −$1.84/SF
EGI
$132.8K $38.96/SF
− OpEx
−$39.8K −$11.69/SF
NOI
$92.9K $27.27/SF
Area
ZIP 11214
Vacancy
4.50%
Lease Rate
$40.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,858,500
Cap Rate 7%
$1,327,500
Cap Rate 9%
$1,032,500
Alternative Uses
Best Use
Multifamily LT 5
$1.33M
$1.16M – $1.55M
NOI $92,925 @ 7.0% cap · market cap 3.72%
Second Best
Apartment 5plus
$1.19M
$1.04M – $1.39M
NOI $83,282 @ 7.0% cap · market cap 3.33%
Theoretical Best
Office A
$1.99M
$1.74M – $2.32M
NOI $139,123 @ 7.0% cap · market cap 5.56%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
3,494
Businesses Nearby
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Business Placement
Demographics for 11214, NY
96,560
Population
33,341
Households
2.9
Avg Household Size
39
Median Age
32%
College-Educated
76%
High-School Grad
2.0 sq mi
ZIP Area
48,280
Density / Sq Mi
$64,286
Median Household Income
$41,172
Median Earnings
$1,710
Median Rent
$1,007,400
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Three apartment layouts include two three-bedroom residences and one two-bedroom residence, with two units currently vacant.
Where is this triplex located?
The property is located at 8685 23rd Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Three apartments: two 3‑bedroom units and one 2‑bedroom unit; Parking for 8+ vehicles; Two units are vacant: one 3‑bedroom and one 2‑bedroom apartment
