Semi-Attached Four-Family Brick
For Sale
$2,099,000
55 Bay 23rd Street, Brooklyn, NY 11214
MULTI_FAMILY - Brooklyn, NY
Property Size3,175 SF
Lot Size0.07 Acres
Price / SF$661.10
Days on Market115
Property Features for 55 Bay 23rd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RX06
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 6, Bathroom 3, Bathroom 2, Bathroom 4, Bathroom 1, Bedroom 3, Bedroom 4, Bedroom 5, Bedroom 2, Bedroom 1
Interior features
Refrigerator, Stove
Basement
Finished
Subdivision
Bath Beach
Standard status
Active
Size
3,175 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
18241
Building Details
Year built
1923
Number of units
4
Flooring type
Hardwood, Tile
Building materials
Brick
Roof type
Flat
Listing Agency:
RE/MAX Edge · RE/MAX International
(718) 612-3088
Listed By:
Renzhang Danny Dong · License #RD7348
(718) 612-3088
Added: May 4
Changed: Aug 10
Last Checked: Aug 26 at 8:06AM
MLS# 501139
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.
Semi-attached four-family brick home featuring a consistent two-floor layout. The first floor has one 1-bedroom apartment and one 2-bedroom apartment, and the second floor offers the same arrangement. A fully finished basement adds additional usable space and includes a separate entrance.
The shared driveway provides parking for up to two cars. The property sits on a 25x120 lot (0.0689 acres) with a building size of 21x77, and it was built in 1923. Roofing is flat, and the home is finished with tile and hardwood flooring. Zoning is RX06.
Conveniently located near public transportation, with easy access to the D train at 20th Avenue station. Multiple bus lines, including the B1, B64, B6, and B82-SBS, are also nearby, along with express buses to Manhattan.
The shared driveway provides parking for up to two cars. The property sits on a 25x120 lot (0.0689 acres) with a building size of 21x77, and it was built in 1923. Roofing is flat, and the home is finished with tile and hardwood flooring. Zoning is RX06.
Conveniently located near public transportation, with easy access to the D train at 20th Avenue station. Multiple bus lines, including the B1, B64, B6, and B82-SBS, are also nearby, along with express buses to Manhattan.
Key Highlights
- Zoning RX06
- Fully finished basement with separate entrance
- Shared driveway with parking for up to two cars
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
$86,597
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
4.13%
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%
$1,731,940
$1.7M
Cap Rate 7%
$1,237,100
$1.2M
Cap Rate 9%
$962,189
$962.2K
Market Conditions
NOI Build-Up for 3,175 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
$129.5K $40.80/SF
− Vacancy
−$5.8K −$1.84/SF
EGI
$123.7K $38.96/SF
− OpEx
−$37.1K −$11.69/SF
NOI
$86.6K $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%
$1,731,940
Cap Rate 7%
$1,237,100
Cap Rate 9%
$962,189
Alternative Uses
Best Use
Multifamily LT 5
$1.24M
$1.08M – $1.44M
NOI $86,597 @ 7.0% cap · market cap 4.13%
Second Best
Apartment 5plus
$1.11M
$970.1K – $1.29M
NOI $77,611 @ 7.0% cap · market cap 3.70%
Theoretical Best
Office A
$1.85M
$1.62M – $2.16M
NOI $129,650 @ 7.0% cap · market cap 6.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
3,961
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Semi-attached four-family brick home with a shared driveway for up to two cars and a finished basement with separate entrance.
Where is this quadplex located?
The property is located at 55 Bay 23rd Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,099,000.
What are key features of this property?
This property features: Zoning RX06; Fully finished basement with separate entrance; Shared driveway with parking for up to two cars
