Two-Family Brick with Finished
For Sale
$1,899,000
665 59th St, Brooklyn, NY 11220
Well-maintained two-family brick building with two separate 3-bedroom units and a finished basement with its own front entrance.
Property Size2,108 SF
Lot Size0.05 Acres
Days on Market63
Property Features for 665 59th St
General Information
Standard status
Active
Size
2,108 SF
Lot size
0.05 Acres
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,552
Building Details
Building Size
2,108 SF
Year Built
1935
Stories
2
Construction
brick
Tenancy
Multi
Listing Agency:
REMAX EDGE
(718) 612-3088
Listed By:
Jason Zhou · License #10301217017
(718) 612-3088
Source:
Elliman
Added: Jun 25
Changed: Aug 25
Last Checked: Aug 25 at 8:28AM
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 REMAX EDGE
Investment Insights
Based on property information with market context.
This well-maintained two-family brick property offers two levels of living space plus additional finished basement area. The building includes a spacious 3-bedroom apartment on the second floor over a similar 3-bedroom apartment on the first floor. A full finished basement provides extra usable space and features a separate front entrance.
Recent updates include two hot water heaters, upgraded electrical panels, and a newly renovated bathroom. The property also includes a large private backyard. Located in Sunset Park, it’s described as minutes from the heart of the 8th Avenue commercial district, with shopping, restaurants, supermarkets, schools, and public transportation nearby.
Recent updates include two hot water heaters, upgraded electrical panels, and a newly renovated bathroom. The property also includes a large private backyard. Located in Sunset Park, it’s described as minutes from the heart of the 8th Avenue commercial district, with shopping, restaurants, supermarkets, schools, and public transportation nearby.
Key Highlights
- 1935 two‑family brick building with two separate 3‑bedroom units (one on each floor)
- Full finished basement with a separate front entrance for additional usable space
- Recent updates include 2 hot water heaters, upgraded electrical panels, and a newly renovated bathroom
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
$62,765
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
3.31%
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%
$1,255,300
$1.3M
Cap Rate 7%
$896,643
$896.6K
Cap Rate 9%
$697,389
$697.4K
Market Conditions
NOI Build-Up for 2,108 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
$93.6K $44.40/SF
− Vacancy
−$3.9K −$1.86/SF
EGI
$89.7K $42.54/SF
− OpEx
−$26.9K −$12.76/SF
NOI
$62.8K $29.77/SF
Area
ZIP 11220
Vacancy
4.20%
Lease Rate
$44.40 /SF/Yr
Expense Ratio
30.00%
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%
$1,255,300
Cap Rate 7%
$896,643
Cap Rate 9%
$697,389
Alternative Uses
Best Use
Multifamily LT 5
$896.6K
$784.6K – $1.05M
NOI $62,765 @ 7.0% cap · market cap 3.31%
Second Best
Apartment 5plus
$803.0K
$702.7K – $936.9K
NOI $56,213 @ 7.0% cap · market cap 2.96%
Theoretical Best
Office A
$1.37M
$1.20M – $1.59M
NOI $95,659 @ 7.0% cap · market cap 5.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
6,380
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
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 - Well-maintained two-family brick building with two separate 3-bedroom units and a finished basement with its own front entrance.
Where is this duplex located?
The property is located at 665 59th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,899,000.
What are key features of this property?
This property features: 1935 two‑family brick building with two separate 3‑bedroom units (one on each floor); Full finished basement with a separate front entrance for additional usable space; Recent updates include 2 hot water heaters, upgraded electrical panels, and a newly renovated bathroom
