16-Family Apartment
New
For Sale
$3,888,000
923 64th Street, Brooklyn, NY 11229
MULTI_FAMILY - Brooklyn, NY
Property Size3,560 SF
Lot Size0.09 Acres
Price / SF$1,092
Days on Market2
Property Features for 923 64th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bathrooms
16
Full bathrooms
16
Rooms
Bathroom 11, Bathroom 9, Bathroom 14, Bathroom 2, Bathroom 8, Bathroom 3, Bathroom 15, Bathroom 5, Bathroom 1, Bathroom 10, Bathroom 7, Bathroom 12, Bathroom 16, Bathroom 4, Bathroom 6, Bathroom 13
Interior features
Refrigerator, Stove
Subdivision
Sunset Park
Standard status
Active
Size
3,560 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
45821
Building Details
Year built
1931
Floors in Building
4
Number of units
1
Flooring type
Tile, Parquet Wood
Building materials
Brick
Roof type
Flat, Rubber
Listing Agency:
Stroffolino Realty LLC
(718) 256-3800
Listed By:
Ralph Stroffolino, Jr. . · License #RS6883
(718) 256-3800
Added: Aug 12
Last Checked: Aug 13 at 11:06AM
MLS# 503744
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 16-family apartment building in Brooklyn was constructed in 1931 on a 0.0918-acre lot measuring 40 x 100 feet, with a 40 x 89-foot building footprint. The well-maintained brick structure includes 3,560 square feet, tile and parquet wood flooring, refrigerators, and stoves. A flat rubber roof, upgraded electric service, and separate hot water heaters support the building’s operating configuration.
The property is located in the Sunset Park area at 923 64th Street, Brooklyn, NY 11229. It operates as a rent-stabilized building with straight-gas service and includes an on-site live-in superintendent. Appointments require 24-hour notice.
The property is located in the Sunset Park area at 923 64th Street, Brooklyn, NY 11229. It operates as a rent-stabilized building with straight-gas service and includes an on-site live-in superintendent. Appointments require 24-hour notice.
Key Highlights
- 16‑family rent‑stabilized apartment building
- 3,560 square feet on a 0.0918‑acre lot
- 40 x 100 lot with a 40 x 89 building footprint
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
$108,683
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
2.80%
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%
$2,173,660
$2.2M
Cap Rate 7%
$1,552,614
$1.6M
Cap Rate 9%
$1,207,589
$1.2M
Market Conditions
NOI Build-Up for 3,560 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
$201.6K $56.64/SF
− Vacancy
−$4.0K −$1.13/SF
EGI
$197.6K $55.51/SF
− OpEx
−$88.9K −$24.98/SF
NOI
$108.7K $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%
$2,173,660
Cap Rate 7%
$1,552,614
Cap Rate 9%
$1,207,589
Alternative Uses
Best Use
Apartment 5plus
$1.55M
$1.36M – $1.81M
NOI $108,683 @ 7.0% cap · market cap 2.80%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.95M
$2.58M – $3.44M
NOI $206,338 @ 7.0% cap · market cap 5.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
6,283
Businesses Nearby
Explore this area
Business Placement
Demographics for 11229, NY
83,669
Population
33,353
Households
2.5
Avg Household Size
40
Median Age
41%
College-Educated
88%
High-School Grad
2.0 sq mi
ZIP Area
41,835
Density / Sq Mi
$72,556
Median Household Income
$52,948
Median Earnings
$1,666
Median Rent
$812,200
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 - Rent-stabilized Brooklyn property with a live-in superintendent and upgraded electrical service.
Where is this apartment building located?
The property is located at 923 64th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,888,000.
What are key features of this property?
This property features: 16‑family rent‑stabilized apartment building; 3,560 square feet on a 0.0918‑acre lot; 40 x 100 lot with a 40 x 89 building footprint
