Brick 6-Unit Apartment
For Sale
$1,988,000
1565 70th Street, Brooklyn, NY 11228
MULTI_FAMILY - Brooklyn, NY
Property Size4,680 SF
Lot Size0.05 Acres
Price / SF$424.79
Days on Market59
Property Features for 1565 70th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R5
Bedrooms
18
Bathrooms
7
Full bathrooms
6
Rooms
Bedroom 5, Bedroom 18, Bathroom 2, Bedroom 4, Bedroom 6, Bedroom 15, Bathroom 6, Bathroom 5, Bathroom 3, Bedroom 1, Bedroom 2, Bedroom 14, Bedroom 16, Bedroom 9, Bedroom 3, Bathroom 4, Bedroom 17, Bathroom 7, Bedroom 7, Bedroom 8, Bathroom 1, Bedroom 10, Bedroom 11, Bedroom 12, Bedroom 13
Interior features
Stove
Basement
Full, Finished
Subdivision
Bensonhurst
Standard status
Active
Size
4,680 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
20768
Building Details
Year built
1926
Floors in Building
3
Number of units
6
Flooring type
Tile, Hardwood
Building materials
Brick
Roof type
Flat
Listing Agency:
Tiger Realty
(917) 708-9966
Listed By:
Emily Hui Chen-Liang
(917) 708-9966
Added: Jun 23
Changed: Aug 4
Last Checked: Aug 20 at 10:06PM
MLS# 502527
Copyright © 2026 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Brick apartment building with a total of six residential units in an R5 zoning district. The property was built in 1926 and features a flat roof. Interiors include stove appliances and a mix of tile and hardwood flooring.
The six units are configured as two 3-bedroom, 1-living room apartments and four 3-bedroom apartments with large eat-in kitchens. Each unit has its own separate heating and hot water system. The property also includes a basement currently used as rented storage, with the ability to be delivered vacant at closing.
A complete gut renovation was completed in 2011, including structural steel beam reinforcement, new plumbing and sewer lines, an updated electrical system, new windows, a new metal staircase, and a reconfiguration of the apartments with new kitchens, bathrooms, and flooring throughout.
The six units are configured as two 3-bedroom, 1-living room apartments and four 3-bedroom apartments with large eat-in kitchens. Each unit has its own separate heating and hot water system. The property also includes a basement currently used as rented storage, with the ability to be delivered vacant at closing.
A complete gut renovation was completed in 2011, including structural steel beam reinforcement, new plumbing and sewer lines, an updated electrical system, new windows, a new metal staircase, and a reconfiguration of the apartments with new kitchens, bathrooms, and flooring throughout.
Key Highlights
- 0.0459‑acre lot with 4,680 SF building area
- Built in 1926 with brick construction and flat roof
- Six residential units: two 3‑bed/1‑living and four 3‑bed with large eat‑in kitchens
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
$142,876
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
7.19%
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%
$2,857,520
$2.9M
Cap Rate 7%
$2,041,086
$2.0M
Cap Rate 9%
$1,587,511
$1.6M
Market Conditions
NOI Build-Up for 4,680 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
$265.1K $56.64/SF
− Vacancy
−$5.3K −$1.13/SF
EGI
$259.8K $55.51/SF
− OpEx
−$116.9K −$24.98/SF
NOI
$142.9K $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%
$2,857,520
Cap Rate 7%
$2,041,086
Cap Rate 9%
$1,587,511
Alternative Uses
Best Use
Apartment 5plus
$2.04M
$1.79M – $2.38M
NOI $142,876 @ 7.0% cap · market cap 7.19%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.88M
$3.39M – $4.52M
NOI $271,253 @ 7.0% cap · market cap 13.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
3,984
Businesses Nearby
Explore this area
Business Placement
Demographics for 11228, NY
45,906
Population
16,336
Households
2.8
Avg Household Size
41
Median Age
37%
College-Educated
80%
High-School Grad
1.5 sq mi
ZIP Area
30,604
Density / Sq Mi
$80,737
Median Household Income
$47,062
Median Earnings
$1,828
Median Rent
$1,131,700
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?
Apartment building - Six residential units with separate heating and hot water systems, plus basement storage space.
Where is this apartment building located?
The property is located at 1565 70th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,988,000.
What are key features of this property?
This property features: 0.0459‑acre lot with 4,680 SF building area; Built in 1926 with brick construction and flat roof; Six residential units: two 3‑bed/1‑living and four 3‑bed with large eat‑in kitchens
