43-Unit All-Brick Apartment
For Sale
$10,800,000
646-662 Port Richmond Avenue, New York City, NY 10302
Commercial Sale, New York City, NY
Property Size27,152 SF
Lot Size0.83 Acres
Price / SF$397.76
Days on Market189
Property Features for 646-662 Port Richmond Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R3A
Parking
43
Standard status
Active
Size
27,152 SF
Lot size
0.83 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
111965
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
laundry facilities
Building Details
Year built
1974
Floors in Building
3
Listing Agency:
NEUHAUS REALTY, INC.
(732) 946-2911
Listed By:
Giovanna Cardinale · License #40CA1050108
(347) 423-5926
Added: Mar 27
Changed: Sep 17
Last Checked: Oct 1 at 1:06PM
MLS# 2613046R
Copyright © 2026 All Jersey 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.
This 43-unit garden-style apartment property at 646-662 Port Richmond Avenue includes 27,152 square feet in an all-brick building constructed in 1974. The unit mix comprises 13 two-bedroom apartments, 17 one-bedroom apartments, and 12 studio apartments, along with one large office. A 6,000-square-foot basement provides laundry facilities, while the property also includes 39 private parking spaces. The roof is 3 years old, and the heating system is 6 years old.
The property occupies a 0.8264-acre lot measuring 200 feet by 180 feet in the Port Richmond neighborhood. City bus service provides connections to Brooklyn, Manhattan, and the Staten Island Mall. Public water and public sewer serve the property, which is zoned R3A.
The property occupies a 0.8264-acre lot measuring 200 feet by 180 feet in the Port Richmond neighborhood. City bus service provides connections to Brooklyn, Manhattan, and the Staten Island Mall. Public water and public sewer serve the property, which is zoned R3A.
Key Highlights
- 43 rental units with 13 two‑bedroom, 17 one‑bedroom, and 12 studio apartments
- 27,152‑square‑foot all‑brick building constructed in 1974
- 6,000‑square‑foot basement with laundry facilities
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
$849,513
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
7.87%
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%
$16,990,260
$17.0M
Cap Rate 7%
$12,135,900
$12.1M
Cap Rate 9%
$9,439,033
$9.4M
Market Conditions
NOI Build-Up for 27,152 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
$1.63M $59.88/SF
− Vacancy
−$81.3K −$2.99/SF
EGI
$1.54M $56.89/SF
− OpEx
−$695.1K −$25.60/SF
NOI
$849.5K $31.29/SF
Area
New York, NY
Vacancy
5.00%
Lease Rate
$59.88 /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%
$16,990,260
Cap Rate 7%
$12,135,900
Cap Rate 9%
$9,439,033
Alternative Uses
Best Use
Apartment 5plus
$12.14M
$10.62M – $14.16M
NOI $849,513 @ 7.0% cap · market cap 7.87%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$67.59M
$59.14M – $78.85M
NOI $4,730,964 @ 7.0% cap · market cap 43.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
43
Residential units
Location Intelligence
Trade Area within ½ mile
1,562
Businesses Nearby
Explore this area
Business Placement
Demographics for 10302, NY
20,931
Population
6,927
Households
3
Avg Household Size
35
Median Age
29%
College-Educated
85%
High-School Grad
1.2 sq mi
ZIP Area
17,443
Density / Sq Mi
$76,089
Median Household Income
$43,608
Median Earnings
$1,800
Median Rent
$586,300
Median Home Value
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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?
Apartment building - Garden-style property with 39 private parking spaces, on-site laundry, and a mix of studio, one-bedroom, and two-bedroom apartments.
Where is this apartment building located?
The property is located at 646-662 Port Richmond Avenue New York City, NY.
What is the asking price?
The asking price for this property is $10,800,000.
What are key features of this property?
This property features: 43 rental units with 13 two‑bedroom, 17 one‑bedroom, and 12 studio apartments; 27,152‑square‑foot all‑brick building constructed in 1974; 6,000‑square‑foot basement with laundry facilities
