Spacious Multi-Family Home,
For Sale
$1,395,000
Pending
923 E 85th St, Brooklyn, NY 11236
Legal 2-family house with 10 bedrooms and finished basement.
Property Size3,390 SF
Days on Market121
Property Features for 923 E 85th St
General Information
Standard status
Pending
Size
3,390 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$9,877
Building Details
Building Size
3,390 SF
Year Built
1960
Stories
2
Listing Agency:
RE/MAX Edge
(718) 612-3088
Listed By:
Leonid Sklyar · License #SKL439
(718) 612-3088
Source:
Elliman
Added: Apr 28
Changed: Aug 22
Last Checked: Aug 25 at 7:47AM
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 RE/MAX Edge
Investment Insights
Based on property information with market context.
Located in Canarsie, this legal 2-family house features three full apartments and a finished basement. The property, situated on a prime block near shopping and transportation, measures 24 ft by 55 ft. The layout includes a total of 10 bedrooms and 7 bathrooms across three split-level floors. The first floor contains 3 bedrooms and 2 bathrooms, the second floor also offers 3 bedrooms and 2 bathrooms, and the top floor provides 4 bedrooms and 2 bathrooms. The property includes updated kitchens and baths, a built-in garage, a private driveway, and an additional side driveway. The property is located in an area that is somewhat walkable and bikeable, with excellent public transportation options. This versatile home is suitable for large families or for generating rental income.
Key Highlights
- Legal 2‑family house with 3 full apartments and a full finished basement.
- 10 bedrooms and 7 bathrooms, suitable for large families or rental income.**
- Prime location in Canarsie, close to shopping and transportation (Excellent Transit Score of 73).
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
$118,724
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
8.51%
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%
$2,374,480
$2.4M
Cap Rate 7%
$1,696,057
$1.7M
Cap Rate 9%
$1,319,156
$1.3M
Market Conditions
NOI Build-Up for 3,390 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
$172.9K $51.00/SF
− Vacancy
−$3.3K −$0.97/SF
EGI
$169.6K $50.03/SF
− OpEx
−$50.9K −$15.01/SF
NOI
$118.7K $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%
$2,374,480
Cap Rate 7%
$1,696,057
Cap Rate 9%
$1,319,156
Alternative Uses
Best Use
Multifamily LT 5
$1.70M
$1.48M – $1.98M
NOI $118,724 @ 7.0% cap · market cap 8.51%
Second Best
Apartment 5plus
$1.48M
$1.29M – $1.72M
NOI $103,493 @ 7.0% cap · market cap 7.42%
Theoretical Best
Specialty Retail
$2.81M
$2.46M – $3.27M
NOI $196,484 @ 7.0% cap · market cap 14.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,923
Businesses Nearby
Explore this area
Business Placement
Demographics for 11236, NY
100,687
Population
37,002
Households
2.7
Avg Household Size
40
Median Age
28%
College-Educated
88%
High-School Grad
3.6 sq mi
ZIP Area
27,969
Density / Sq Mi
$82,813
Median Household Income
$50,244
Median Earnings
$1,637
Median Rent
$710,300
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?
Duplex - Legal 2-family house with 10 bedrooms and finished basement.
Where is this duplex located?
The property is located at 923 E 85th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: Legal 2‑family house with 3 full apartments and a full finished basement.; 10 bedrooms and 7 bathrooms, suitable for large families or rental income.**; Prime location in Canarsie, close to shopping and transportation (Excellent Transit Score of 73).
