43-Unit Brick Apartment Building
For Sale
$10,800,000
646-662 Port Richmond Ave, Staten Island, NY 10302
43 units, high income, Port Richmond neighborhood, Staten Island.
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
Multi Family
Taxes and HOA fees
Annual Taxes
$133,323
Building Details
Building Size
27,152 SF
Year Built
1971
Stories
3
Listing Agency:
Neuhaus Realty Inc.
(718) 979-3400
Listed By:
Giovanna Cardinale · License #40CA1050108
(718) 979-3400
Source:
Elliman
Added: Mar 31
Changed: Aug 8
Last Checked: Aug 10 at 6:48AM
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 complex features 43 units and is not rent stabilized. The building includes one large first-floor office, 13 two-bedroom apartments, 17 one-bedroom apartments, and 12 studio apartments. The property, situated on a 200' x 180' lot, offers 39 private parking spaces. A 6,000 sq ft basement includes a laundry area. The building has a relatively new roof (3 years old) and a state-of-the-art heating system (6 years old). Located in the Port Richmond neighborhood of Staten Island, New York, the property benefits from convenient access to shopping and city buses to Brooklyn, Manhattan, and the Staten Island Mall. The property's gross income is $1,007,460, with total expenses of $283,000, resulting in a net income of $724,460 yearly. The location has a walk score of 88, indicating it is very walkable, a transit score of 58, indicating good transit options, and a bike score of 50, indicating it is bikeable.
Key Highlights
- High Net Operating Income: $724,460 yearly.
- 43‑unit all‑brick garden‑style apartment building complex.
- 39 private parking spaces on property.
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 - 43 units, high income, Port Richmond neighborhood, Staten Island.
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: High Net Operating Income: $724,460 yearly.; 43‑unit all‑brick garden‑style apartment building complex.; 39 private parking spaces on property.
