2-Family Brick
New
For Sale
$1,590,000
8775 23rd Avenue, Brooklyn, NY 11214
Residential, Brooklyn, NY
Property Size2,280 SF
Lot Size0.04 Acres
Price / SF$697.37
Days on Market4
Property Features for 8775 23rd Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R5
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bathroom 1, Bathroom 3, Bathroom 2
Interior features
A/C Unit - Window, Refrigerator, Stove
Basement
Full
Subdivision
Bath Beach
Standard status
Active
Size
2,280 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
10048
Amenities
Basement
Separate heating and hot water systems
Building Details
Year built
1960
Floors in Building
2
Flooring type
Tile, Hardwood
Building materials
Brick
Roof type
Flat
Listing Agency:
Tiger Realty
(917) 708-9966
Listed By:
Emily Hui Chen-Liang · License #HTL8672
(718) 256-4000
Added: Sep 28
Changed: Sep 29
Last Checked: Oct 1 at 3:06PM
MLS# 504859
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 2,280-square-foot brick duplex was built in 1960 and contains two residences across three stories, plus a basement. The first-floor unit has two bedrooms and a living room; the upper duplex includes three bedrooms and 1.5 bathrooms. Separate heating and hot-water systems serve the units. The basement provides additional space, and the backyard accommodates parking for up to two cars.
The property occupies a 19.5-by-97-foot corner lot and is zoned R5. It is near 86th Street, shopping, supermarkets, restaurants, and public transportation.
The property occupies a 19.5-by-97-foot corner lot and is zoned R5. It is near 86th Street, shopping, supermarkets, restaurants, and public transportation.
Key Highlights
- Two‑family brick property with three stories and a basement
- 2,280 square feet on a 0.0432‑acre lot measuring approximately 19.5' x 97'
- First‑floor residence has 2 bedrooms and a living room
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
$62,187
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
3.91%
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%
$1,243,740
$1.2M
Cap Rate 7%
$888,386
$888.4K
Cap Rate 9%
$690,967
$691.0K
Market Conditions
NOI Build-Up for 2,280 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
$93.0K $40.80/SF
− Vacancy
−$4.2K −$1.84/SF
EGI
$88.8K $38.96/SF
− OpEx
−$26.7K −$11.69/SF
NOI
$62.2K $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 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%
$1,243,740
Cap Rate 7%
$888,386
Cap Rate 9%
$690,967
Alternative Uses
Best Use
Multifamily LT 5
$888.4K
$777.3K – $1.04M
NOI $62,187 @ 7.0% cap · market cap 3.91%
Second Best
Apartment 5plus
$796.2K
$696.7K – $928.9K
NOI $55,733 @ 7.0% cap · market cap 3.51%
Theoretical Best
Office A
$1.33M
$1.16M – $1.55M
NOI $93,103 @ 7.0% cap · market cap 5.86%
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
2,851
Businesses Nearby
Explore this area
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
Check the figures for this property
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 - Two residential units have separate heating and hot-water systems, with basement space and backyard parking.
Where is this duplex located?
The property is located at 8775 23rd Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,590,000.
What are key features of this property?
This property features: Two‑family brick property with three stories and a basement; 2,280 square feet on a 0.0432‑acre lot measuring approximately 19.5' x 97'; First‑floor residence has 2 bedrooms and a living room
