Sunset Park Six-Family
For Sale
$1,850,000
715 55th Street, Brooklyn, NY 11220
Six-family building near 7th Avenue in Sunset Park.
Property Size4,719 SF
Lot Size0.05 Acres
Price / SF$392.03
Days on Market1776
Property Features for 715 55th Street
General Information
Standard status
Active
Size
4,719 SF
Lot size
0.05 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$14,132
Building Details
Year Built
1915
Listing Agency:
RE/MAX Edge
Listed By:
Jason Zhou · License #JZ1320
(718) 612-3088
Source:
Exitrealty
Added: Nov 29, 2021
Changed: Oct 6
Last Checked: Oct 5 at 4:55PM
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 RE/MAX Edge
Investment Insights
Based on property information with market context.
Located in the Sunset Park neighborhood, this six-family building is situated near 7th Avenue. The property is zoned R6B, which allows for the possibility of converting the building into two commercial units and four residential units, subject to approval. The building has no rent-controlled apartments, and all tenants are without leases. The building measures 23x79 feet and is situated on a 23x100 foot lot. The annual property tax is $14,131.
Key Highlights
- Prime Sunset Park location, near 7th Avenue.
- Six‑family building with potential for 2 commercial units and 4 residential units (R6B zoning).
- No rent control apartments.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$125,840
Cap Rate
6.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,516,800
$2.5M
Cap Rate 7%
$1,797,714
$1.8M
Cap Rate 9%
$1,398,222
$1.4M
Market Conditions
NOI Build-Up for 4,719 SF
Gross rent
$237.8K $50.40/SF
− Vacancy
−$9.0K −$1.92/SF
EGI
$228.8K $48.48/SF
− OpEx
−$103.0K −$21.82/SF
NOI
$125.8K $26.67/SF
Area
ZIP 11220
Vacancy
3.80%
Lease Rate
$50.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,516,800
Cap Rate 7%
$1,797,714
Cap Rate 9%
$1,398,222
Alternative Uses
Best Use
Apartment 5plus
$1.80M
$1.57M – $2.10M
NOI $125,840 @ 7.0% cap · market cap 6.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.06M
$2.68M – $3.57M
NOI $214,144 @ 7.0% cap · market cap 11.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
7,331
Businesses Nearby
Explore this area
Business Placement
Demographics for 11220, NY
105,797
Population
30,897
Households
3.4
Avg Household Size
35
Median Age
25%
College-Educated
62%
High-School Grad
1.7 sq mi
ZIP Area
62,234
Density / Sq Mi
$64,201
Median Household Income
$31,489
Median Earnings
$1,688
Median Rent
$1,021,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Six-family building near 7th Avenue in Sunset Park.
Where is this apartment building located?
The property is located at 715 55th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: Prime Sunset Park location, near 7th Avenue.; Six‑family building with potential for 2 commercial units and 4 residential units (R6B zoning).; No rent control apartments.
