Apartment Building with R6
For Sale
$5,800,000
554 Eastern Pkwy, Brooklyn, NY 11225
Apartment property in Crown Heights, positioned between Nostrand Avenue and New York Avenue.
Property Size12,212 SF
Days on Market60
Property Features for 554 Eastern Pkwy
General Information
Standard status
Active
Size
12,212 SF
Property subtype
Multifamily
Amenities
Vacant Eastern Parkway 41.5 Foot Wide 9-Unit Apartment Building
Excellent Redevelopment & Substantial Rehabilitation Opportunity
$1,200/SF Condo Sell Out Value
R6/C1-3 Zoning Allowing for approximately 2,977 SF of Available Residential Air Rights
10+ Foot Ceiling Heights Throughout
Conforming Basement Unit w 10+ Foot Ceiling Height
New Roof & New Floor Joists & Plywood Throughout
15 Minute Subway Ride into Manhattan | Express 3 Train Station on the Block
Building Details
Building Size
12,212 SF
Units
9
Listing Agency:
Marcus & Millichap | Manhattan
Listed By:
Matt Fotis · License #License(s): NY: 10301207136
(212) 430-5234
Source:
Marcusmillichap
Added: Aug 10
Changed: Oct 6
Last Checked: Oct 7 at 8:37AM
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 Marcus & Millichap | Manhattan
Investment Insights
Based on property information with market context.
This apartment building was constructed in 1909 and carries R6, C1-3 zoning. The property size is recorded as 12,212. It is located at 554 Eastern Parkway in Brooklyn, within the Crown Heights section of New York, between Nostrand Avenue and New York Avenue.
Key Highlights
- 1909 construction year
- R6, C1‑3 zoning
- Recorded property size of 12,212
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$372,820
Cap Rate
6.43%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$7,456,400
$7.5M
Cap Rate 7%
$5,326,000
$5.3M
Cap Rate 9%
$4,142,444
$4.1M
Market Conditions
NOI Build-Up for 12,212 SF
Gross rent
$691.7K $56.64/SF
− Vacancy
−$13.8K −$1.13/SF
EGI
$677.9K $55.51/SF
− OpEx
−$305.0K −$24.98/SF
NOI
$372.8K $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 Rate 5%
$7,456,400
Cap Rate 7%
$5,326,000
Cap Rate 9%
$4,142,444
Alternative Uses
Best Use
Apartment 5plus
$5.33M
$4.66M – $6.21M
NOI $372,820 @ 7.0% cap · market cap 6.43%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$10.11M
$8.85M – $11.80M
NOI $707,808 @ 7.0% cap · market cap 12.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
5,463
Businesses Nearby
Explore this area
Business Placement
Demographics for 11225, NY
58,786
Population
26,703
Households
2.2
Avg Household Size
36
Median Age
48%
College-Educated
89%
High-School Grad
0.9 sq mi
ZIP Area
65,318
Density / Sq Mi
$85,201
Median Household Income
$54,639
Median Earnings
$1,733
Median Rent
$1,218,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Apartment property in Crown Heights, positioned between Nostrand Avenue and New York Avenue.
Where is this apartment building located?
The property is located at 554 Eastern Pkwy Brooklyn, NY.
What is the asking price?
The asking price for this property is $5,800,000.
What are key features of this property?
This property features: 1909 construction year; R6, C1‑3 zoning; Recorded property size of 12,212
