Move-In-Ready Two-Family
For Sale
$1,580,000
242 62nd St, Brooklyn, NY 11220
Two-family detached home in Sunset Park, delivered vacant.
Property Size2,024 SF
Lot Size0.07 Acres
Days on Market153
Property Features for 242 62nd St
General Information
Standard status
Active
Size
2,024 SF
Lot size
0.07 Acres
Property subtype
Multi Family
Building Details
Building Size
2,024 SF
Year Built
1920
Stories
2
Listing Agency:
Womcore LLC dba Remax Edge
(718) 612-3088
Listed By:
Xiao (Emma) Zhu
(718) 612-3088
Source:
Elliman
Added: Mar 25
Changed: Aug 17
Last Checked: Aug 23 at 9:35AM
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 Womcore LLC dba Remax Edge
Investment Insights
Based on property information with market context.
This move-in-ready, two-family detached home is located in the prime neighborhood of Sunset Park. The property features a shared driveway, a detached two-car garage in the back, and additional parking for two vehicles. The building has dimensions of 22'x46', situated on a lot measuring 31'x 100'. Both the first and second floors feature identical layouts with an open-concept design, including a large living and dining room, an eat-in kitchen, three spacious bedrooms, and one full bath. The finished basement has a separate side entrance and contains four large rooms currently used as an office, storage, a recreation room, and an exercise area, along with a utility room and one full bath. The property is located three blocks from the 59th Street Train Station and is near Costco, shopping, supermarkets, restaurants, and schools. The property will be delivered vacant, making it suitable for investors and owner-users alike.
Key Highlights
- Move‑in‑ready, detached 6‑over‑6 two‑family home in Sunset Park.
- Delivered Vacant.
- Detached two‑car garage and shared driveway with parking for two additional vehicles.
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
$53,973
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
3.42%
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%
$1,079,460
$1.1M
Cap Rate 7%
$771,043
$771.0K
Cap Rate 9%
$599,700
$599.7K
Market Conditions
NOI Build-Up for 2,024 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
$102.0K $50.40/SF
− Vacancy
−$3.9K −$1.92/SF
EGI
$98.1K $48.48/SF
− OpEx
−$44.2K −$21.82/SF
NOI
$54.0K $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 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%
$1,079,460
Cap Rate 7%
$771,043
Cap Rate 9%
$599,700
Alternative Uses
Best Use
Apartment 5plus
$771.0K
$674.7K – $899.6K
NOI $53,973 @ 7.0% cap · market cap 3.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.31M
$1.15M – $1.53M
NOI $91,848 @ 7.0% cap · market cap 5.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,818
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
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 - Two-family detached home in Sunset Park, delivered vacant.
Where is this apartment building located?
The property is located at 242 62nd St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,580,000.
What are key features of this property?
This property features: Move‑in‑ready, detached 6‑over‑6 two‑family home in Sunset Park.; Delivered Vacant.; Detached two‑car garage and shared driveway with parking for two additional vehicles.
