Renovated Brooklyn Building with R6
For Sale
$1,150,000
824 56th Street 5, Brooklyn, NY 11220
Newly renovated building with tax abatement, ideal for various businesses.
Property Size1,100 SF
Price / SF$1,045
Days on Market561
Property Features for 824 56th Street 5
General Information
Standard status
Active
Size
1,100 SF
Property subtype
Commercial/Industrial
Listing Agency:
E House Realty & Mgt. Inc.
Listed By:
Xiaodan (Ivy) Xu
(718) 680-2776
Source:
Exitrealty
Added: Apr 10, 2025
Changed: Oct 10
Last Checked: Oct 14 at 7:54PM
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 E House Realty & Mgt. Inc.
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This newly renovated building is located in Brooklyn, New York, and is zoned R6. The property is suitable for a variety of uses, including a tutoring center, clinic, law office, accounting firm, or community entertainment venue. The location is considered very walkable, with a walk score of 90, and is a rider's paradise, with a transit score of 95. The bike score is 62, indicating it is bikeable. The property benefits from a tax abatement.
Key Highlights
- Excellent Transit Score (95): Rider's Paradise with exceptional public transportation.
- Very Walkable Location (Walk Score 90): Enjoy convenient access to amenities and services on foot.
- Newly Renovated Building: Offers a modern and updated space.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$32,848
Cap Rate
2.86%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$656,960
$657.0K
Cap Rate 7%
$469,257
$469.3K
Cap Rate 9%
$364,978
$365.0K
Market Conditions
NOI Build-Up for 1,100 SF
Gross rent
$55.4K $50.40/SF
− Vacancy
−$11.6K −$10.58/SF
EGI
$43.8K $39.82/SF
− OpEx
−$10.9K −$9.95/SF
NOI
$32.8K $29.86/SF
Area
ZIP 11220
Vacancy
21.00%
Lease Rate
$50.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$656,960
Cap Rate 7%
$469,257
Cap Rate 9%
$364,978
Alternative Uses
Best Use
Office B
$469.3K
$410.6K – $547.5K
NOI $32,848 @ 7.0% cap · market cap 2.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$713.1K
$624.0K – $832.0K
NOI $49,917 @ 7.0% cap · market cap 4.34%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
7,626
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
Frequently Asked Questions
What type of property is this?
Office unit - Newly renovated building with tax abatement, ideal for various businesses.
Where is this office unit located?
The property is located at 824 56th Street 5 Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: Excellent Transit Score (95): Rider's Paradise with exceptional public transportation.; Very Walkable Location (Walk Score 90): Enjoy convenient access to amenities and services on foot.; Newly Renovated Building: Offers a modern and updated space.
