43-Unit Brick Apartment
For Sale
$10,800,000
646-662 Port Richmond Ave, Staten Island, NY 10302
Garden-style apartment building with parking in Port Richmond.
Property Size27,152 SF
Lot Size0.83 Acres
Price / SF$397.76
Days on Market133
Property Features for 646-662 Port Richmond Ave
General Information
Standard status
Active
Size
27,152 SF
Lot size
0.83 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$122,282
Building Details
Building Size
27,152 SF
Year Built
1974
Units
43
Listing Agency:
Neuhaus Realty Inc.
(718) 979-3400
Listed By:
Giovanna Cardinale · License #40CA1050108
(718) 979-3400
Source:
Elliman
Added: Mar 31
Changed: Aug 9
Last Checked: Aug 9 at 7:47AM
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 Neuhaus Realty Inc.
Investment Insights
Based on property information with market context.
This 27,152 square foot, all-brick, U-shaped garden-style apartment building contains 43 units. The building is not rent stabilized. The unit mix includes 13 two-bedroom apartments, 17 one-bedroom apartments, and 12 studio apartments, as well as a large first-floor office. The property features a 5-year-old roof and an 8-year-old heating system. A large 6,000 square foot basement includes a laundry area. The property lot measures 200 by 180 feet and includes 39 private parking spaces. Located in the Port Richmond neighborhood of Staten Island, New York, the property offers convenient access to shopping and city buses to Brooklyn, Manhattan, and the Staten Island Mall.
Key Highlights
- 43‑unit all brick garden style apartment building
- 39 private parking spaces on property
- Relatively new roof and state‑of‑the‑art heating system
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
$602,123
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
5.58%
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%
$12,042,460
$12.0M
Cap Rate 7%
$8,601,757
$8.6M
Cap Rate 9%
$6,690,256
$6.7M
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
$1.14M $42.00/SF
− Vacancy
−$45.6K −$1.68/SF
EGI
$1.09M $40.32/SF
− OpEx
−$492.6K −$18.14/SF
NOI
$602.1K $22.18/SF
Area
Staten Island, NY
Vacancy
4.00%
Lease Rate
$42.00 /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%
$12,042,460
Cap Rate 7%
$8,601,757
Cap Rate 9%
$6,690,256
Alternative Uses
Best Use
Apartment 5plus
$8.60M
$7.53M – $10.04M
NOI $602,123 @ 7.0% cap · market cap 5.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.96M
$11.34M – $15.11M
NOI $906,883 @ 7.0% cap · market cap 8.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
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 - Garden-style apartment building with parking in Port Richmond.
Where is this apartment building located?
The property is located at 646-662 Port Richmond Ave Staten Island, 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‑unit all brick garden style apartment building; 39 private parking spaces on property; Relatively new roof and state‑of‑the‑art heating system
