Eight-Unit Apartment
For Sale
$2,988,000
59 Newel Street, Brooklyn, NY 11222
Residential Income, Brooklyn, NY
Property Size8,000 SF
Lot Size0.06 Acres
Price / SF$373.50
Days on Market69
Property Features for 59 Newel Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Multi-Family
Bedrooms
16
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 14, Bathroom 2, Bedroom 3, Bathroom 4, Bedroom 10, Bedroom 4, Bedroom 8, Bedroom 16, Bedroom 5, Bathroom 5, Bedroom 2, Bedroom 9, Bathroom 3, Bathroom 1, Bedroom 1, Bedroom 12, Bedroom 15, Bathroom 7, Bedroom 13, Bedroom 7, Bathroom 6, Bedroom 11, Bathroom 8, Bedroom 6
Interior features
Entrance Foyer
Subdivision
Greenpoint
View
City
High school district
NEW YORK CITY GEOGRAPHIC DISTRICT #14
Standard status
Active
APN
02683-0007
Size
8,000 SF
Lot size
0.06 Acres
Utilities
Heating system
Hot Water(Heating), Baseboard, Natural Gas
Water source
Public
Building Details
Year built
1928
Floors in Building
4
Flooring type
Hardwood, Tile
Building materials
Brick
Architectural style
Other
Listing Agency:
TRADEMARKO REALTY INC
(718) 502-5141
Listed By:
Malgorzata Pieniadz
(718) 502-5141
Added: Jun 16
Changed: Aug 21
Last Checked: Aug 23 at 4:06AM
MLS# 11835063
Copyright © 2026 My State MLS. 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.
Located at 59 Newel Street in Brooklyn, this four-story brick walk-up was built in 1928 and contains eight rent-stabilized residential units. The property offers approximately 8,000 square feet of interior space on a 25' x 80' building footprint, with R6B zoning. Each residence is arranged with two bedrooms, a living room, full bathroom, and separate kitchen. A full basement provides additional storage space.
The building is one block from the G train and near the NYC Ferry, McGolrick Park, and McCarren Park. Restaurants, cafés, shops, fitness centers, schools, and everyday services are located throughout the surrounding Greenpoint area. Heating is provided by hot water and baseboard systems using natural gas, with public water service.
The building is one block from the G train and near the NYC Ferry, McGolrick Park, and McCarren Park. Restaurants, cafés, shops, fitness centers, schools, and everyday services are located throughout the surrounding Greenpoint area. Heating is provided by hot water and baseboard systems using natural gas, with public water service.
Key Highlights
- Eight rent‑stabilized residential units in a four‑story walk‑up
- Approximately 8,000 square feet on a 25' x 80' building footprint
- R6B zoning and a full basement
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
$244,232
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
8.17%
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%
$4,884,640
$4.9M
Cap Rate 7%
$3,489,029
$3.5M
Cap Rate 9%
$2,713,689
$2.7M
Market Conditions
NOI Build-Up for 8,000 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
$453.1K $56.64/SF
− Vacancy
−$9.1K −$1.13/SF
EGI
$444.1K $55.51/SF
− OpEx
−$199.8K −$24.98/SF
NOI
$244.2K $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%
$4,884,640
Cap Rate 7%
$3,489,029
Cap Rate 9%
$2,713,689
Alternative Uses
Best Use
Apartment 5plus
$3.49M
$3.05M – $4.07M
NOI $244,232 @ 7.0% cap · market cap 8.17%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.62M
$5.80M – $7.73M
NOI $463,680 @ 7.0% cap · market cap 15.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
6,420
Businesses Nearby
Explore this area
Business Placement
Demographics for 11222, NY
41,957
Population
21,917
Households
1.9
Avg Household Size
35
Median Age
65%
College-Educated
94%
High-School Grad
1.5 sq mi
ZIP Area
27,971
Density / Sq Mi
$123,963
Median Household Income
$74,237
Median Earnings
$2,595
Median Rent
$1,245,600
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?
Apartment building - Four-story brick walk-up with rent-stabilized residences, individual kitchens, and a full basement.
Where is this apartment building located?
The property is located at 59 Newel Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,988,000.
What are key features of this property?
This property features: Eight rent‑stabilized residential units in a four‑story walk‑up; Approximately 8,000 square feet on a 25' x 80' building footprint; R6B zoning and a full basement
