Four-Story Apartment Building with 8
For Sale
$2,988,000
59 Newel St, Brooklyn, NY 11222
Well-maintained four-story walk-up offers eight rent-stabilized two-bedroom apartments plus a full basement for storage.
Property Size8,000 SF
Price / SF$373.50
Days on Market55
Property Features for 59 Newel St
General Information
Standard status
Active
Size
8,000 SF
Property subtype
Commercial
Zoning
R6B
Additional Details
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$18,531
Building Details
Building Size
8,000 SF
Year Built
1928
Stories
4
Units
8
Tenancy
Multi
Listing Agency:
Trademarko Realty Inc
(347) 647-6397
Listed By:
Malgorzata A. Pieniadz CBR
(347) 647-6397
Source:
Elliman
Added: Jun 19
Changed: Aug 8
Last Checked: Aug 12 at 6:10AM
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 Trademarko Realty Inc
Investment Insights
Based on property information with market context.
This well-maintained four-story walk-up apartment building offers eight rent-stabilized residential units and approximately 8,000 square feet of interior space. The building sits on a 25' x 80' footprint and is built with a full basement, providing additional storage and operational flexibility. Each unit is configured with two bedrooms, a bright living room, a separate kitchen, and a full bathroom. The property is being sold as-is.
Located in Greenpoint, the building is about one block from the G train and close to the NYC ferry. It is near McGolrick Park and within a short distance of McCarren Park, with surrounding amenities that include restaurants, shops, fitness centers, schools, and everyday conveniences.
With eight residential units and a consistent 2-bedroom layout across the building, this offering can fit buyers and operators looking for a stabilized multifamily asset in a well-established Brooklyn location. Zoning is identified as R6B, supporting multifamily development consistent with local regulations. BikeScore, walkScore, and transitScore indicate strong non-vehicle access for future residents and tenants.
Located in Greenpoint, the building is about one block from the G train and close to the NYC ferry. It is near McGolrick Park and within a short distance of McCarren Park, with surrounding amenities that include restaurants, shops, fitness centers, schools, and everyday conveniences.
With eight residential units and a consistent 2-bedroom layout across the building, this offering can fit buyers and operators looking for a stabilized multifamily asset in a well-established Brooklyn location. Zoning is identified as R6B, supporting multifamily development consistent with local regulations. BikeScore, walkScore, and transitScore indicate strong non-vehicle access for future residents and tenants.
Key Highlights
- 1928‑built, four‑story walk‑up with 8 rent‑stabilized residential units
- Approx. 8,000 SF of interior space on a 25' x 80' building footprint (R6B zoning)
- Each unit features 2 bedrooms, a bright living room, full bathroom, and separate kitchen
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
$244,232
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
8.17%
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%
$4,884,640
$4.9M
Cap Rate 7%
$3,489,029
$3.5M
Cap Rate 9%
$2,713,689
$2.7M
Market Conditions
NOI Build-Up for 8,000 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
$453.1K $56.64/SF
− Vacancy
−$9.1K −$1.13/SF
EGI
$444.1K $55.51/SF
− OpEx
−$199.8K −$24.98/SF
NOI
$244.2K $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%
$4,884,640
Cap Rate 7%
$3,489,029
Cap Rate 9%
$2,713,689
Alternative Uses
Best Use
Apartment 5plus
$3.49M
$3.05M – $4.07M
NOI $244,232 @ 7.0% cap · market cap 8.17%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$6.62M
$5.80M – $7.73M
NOI $463,680 @ 7.0% cap · market cap 15.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6,420
Businesses Nearby
Explore this area
Business Placement
Demographics for 11222, NY
41,957
Population
21,917
Households
1.9
Avg Household Size
35
Median Age
65%
College-Educated
94%
High-School Grad
1.5 sq mi
ZIP Area
27,971
Density / Sq Mi
$123,963
Median Household Income
$74,237
Median Earnings
$2,595
Median Rent
$1,245,600
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?
Multifamily property - Well-maintained four-story walk-up offers eight rent-stabilized two-bedroom apartments plus a full basement for storage.
Where is this multifamily property located?
The property is located at 59 Newel St Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,988,000.
What are key features of this property?
This property features: 1928‑built, four‑story walk‑up with 8 rent‑stabilized residential units; Approx. 8,000 SF of interior space on a 25' x 80' building footprint (R6B zoning); Each unit features 2 bedrooms, a bright living room, full bathroom, and separate kitchen
