Twelve-Unit Apartment
For Sale
$3,800,000
1026 & 1028 66th St, Brooklyn, NY 11219
Two adjoining buildings offer six apartments each, with a mix of free-market and rent-stabilized units.
Property Size5,040 SF
Days on Market63
Property Features for 1026 & 1028 66th St
General Information
Standard status
Active
Size
5,040 SF
Property subtype
Commercial
Additional Details
Multifamily Units
12
Building Details
Building Size
5,040 SF
Buildings
2
Listed By:
Zaire Knight
(917) 789-0419
Source:
Elliman
Added: Jul 9
Changed: Sep 8
Last Checked: Sep 8 at 7:28AM
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 Zaire Knight
Investment Insights
Based on property information with market context.
This multifamily offering combines the adjacent buildings at 1026 and 1028 66th Street into a 12-unit apartment portfolio. Each property contains six residential units. The 1026 building includes approximately 5,045 square feet, with five free-market apartments and one rent-stabilized apartment; Unit 2R is vacant. The 1028 building includes two free-market apartments and four rent-stabilized apartments, while Units 1F and 1R are positioned for rent increases.
The properties are located in Bensonhurst, Brooklyn, near neighborhood shopping, dining, schools, transportation, and other residential amenities. Walk Score is 85, Transit Score is 73, and Bike Score is 59. The buildings may be acquired together or individually, providing flexibility for buyers evaluating a single six-unit property or a larger multifamily holding.
The properties are located in Bensonhurst, Brooklyn, near neighborhood shopping, dining, schools, transportation, and other residential amenities. Walk Score is 85, Transit Score is 73, and Bike Score is 59. The buildings may be acquired together or individually, providing flexibility for buyers evaluating a single six-unit property or a larger multifamily holding.
Key Highlights
- Two adjoining six‑unit apartment buildings at 1026 and 1028 66th Street
- Combined 12 residential units with seven free‑market and five rent‑stabilized apartments
- 1026 66th Street includes approximately 5,045 square feet
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
$130,654
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
3.44%
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%
$2,613,080
$2.6M
Cap Rate 7%
$1,866,486
$1.9M
Cap Rate 9%
$1,451,711
$1.5M
Market Conditions
NOI Build-Up for 5,040 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
$248.0K $49.20/SF
− Vacancy
−$10.4K −$2.07/SF
EGI
$237.6K $47.13/SF
− OpEx
−$106.9K −$21.21/SF
NOI
$130.7K $25.92/SF
Area
ZIP 11219
Vacancy
4.20%
Lease Rate
$49.20 /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%
$2,613,080
Cap Rate 7%
$1,866,486
Cap Rate 9%
$1,451,711
Alternative Uses
Best Use
Apartment 5plus
$1.87M
$1.63M – $2.18M
NOI $130,654 @ 7.0% cap · market cap 3.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.27M
$2.86M – $3.81M
NOI $228,711 @ 7.0% cap · market cap 6.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
3,856
Businesses Nearby
Explore this area
Business Placement
Demographics for 11219, NY
103,447
Population
27,973
Households
3.7
Avg Household Size
27
Median Age
21%
College-Educated
70%
High-School Grad
1.5 sq mi
ZIP Area
68,965
Density / Sq Mi
$55,685
Median Household Income
$30,647
Median Earnings
$1,678
Median Rent
$1,086,000
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?
Apartment building - Two adjoining buildings offer six apartments each, with a mix of free-market and rent-stabilized units.
Where is this apartment building located?
The property is located at 1026 & 1028 66th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: Two adjoining six‑unit apartment buildings at 1026 and 1028 66th Street; Combined 12 residential units with seven free‑market and five rent‑stabilized apartments; 1026 66th Street includes approximately 5,045 square feet
