Spacious Multifamily Home in
For Sale
$1,024,000
1230 E 56th St, Brooklyn, NY 11234
Large, renovated multifamily home with income potential in a prime location.
Property Size3,500 SF
Price / SF$379.26
Days on Market131
Property Features for 1230 E 56th St
General Information
Standard status
Active
Size
3,500 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$8,437
Building Details
Building Size
3,500 SF
Year Built
1950
Stories
2
Listing Agency:
Talk of the Town Realty Corp.
(718) 251-7400
Listed By:
Keren Shalmoni
(718) 251-7400
Source:
Elliman
Added: Apr 22
Changed: Aug 27
Last Checked: Aug 29 at 12:01PM
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 Talk of the Town Realty Corp.
Investment Insights
Based on property information with market context.
This multifamily home offers an opportunity for both first-time homebuyers and investors. The brick house features two separate units. The owner's unit includes 3 bedrooms and 2 bathrooms, plus a basement with a separate entrance, a garage, and private parking. The unit features hardwood floors and tiles, a kitchen with new appliances, ample cabinets, countertops, a dining room with access to a large balcony, and a living room. The bedrooms each have a double closet, and there is a renovated bathroom. The finished basement has a separate outside entrance, a bathroom, and a summer kitchen. The property includes private parking and a garage. Split system units provide heating and cooling. The boiler and water heater were replaced less than a year ago, and the roof was replaced 2 years ago. The second unit is a renovated 2-bedroom, 1-bathroom apartment with an open floor plan and a new kitchen. The property is suitable for multi-generational living or rental income. The location is considered bikeable, very walkable, and has excellent transit.
Key Highlights
- Two separate units: a 3‑bedroom, 2‑bathroom owner's unit with a basement, and a renovated 2‑bedroom, 1‑bathroom rental unit.
- Turnkey brick house in a great location with high walkability (84) and excellent transit (80) scores.
- Owner's unit features a renovated bathroom, large kitchen with new appliances, ample cabinets and counter tops, and hardwood floors.
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
$82,428
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
8.05%
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%
$1,648,560
$1.6M
Cap Rate 7%
$1,177,543
$1.2M
Cap Rate 9%
$915,867
$915.9K
Market Conditions
NOI Build-Up for 2,700 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
$152.9K $56.64/SF
− Vacancy
−$3.1K −$1.13/SF
EGI
$149.9K $55.51/SF
− OpEx
−$67.4K −$24.98/SF
NOI
$82.4K $30.53/SF
Area
Brooklyn, NY
Vacancy
2.00%
Lease Rate
$56.64 /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%
$1,648,560
Cap Rate 7%
$1,177,543
Cap Rate 9%
$915,867
Alternative Uses
Best Use
Multifamily LT 5
$1.35M
$1.18M – $1.58M
NOI $94,559 @ 7.0% cap · market cap 9.23%
Second Best
Apartment 5plus
$1.18M
$1.03M – $1.37M
NOI $82,428 @ 7.0% cap · market cap 8.05%
Theoretical Best
Specialty Retail
$2.24M
$1.96M – $2.61M
NOI $156,492 @ 7.0% cap · market cap 15.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7,590
Businesses Nearby
Explore this area
Business Placement
Demographics for 11234, NY
92,133
Population
35,167
Households
2.6
Avg Household Size
41
Median Age
39%
College-Educated
89%
High-School Grad
7.4 sq mi
ZIP Area
12,450
Density / Sq Mi
$94,434
Median Household Income
$55,206
Median Earnings
$1,771
Median Rent
$746,800
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?
Duplex - Large, renovated multifamily home with income potential in a prime location.
Where is this duplex located?
The property is located at 1230 E 56th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,024,000.
What are key features of this property?
This property features: Two separate units: a 3‑bedroom, 2‑bathroom owner's unit with a basement, and a renovated 2‑bedroom, 1‑bathroom rental unit.; Turnkey brick house in a great location with high walkability (84) and excellent transit (80) scores.; Owner's unit features a renovated bathroom, large kitchen with new appliances, ample cabinets and counter tops, and hardwood floors.
