Multifamily Property with Finished
For Sale
$649,999
224 Mill Rd, Staten Island, NY 10306
Updated interior features, generous bedrooms, and a yard support comfortable residential use near parks, schools, shopping, and transit.
Property Size1,280 SF
Price / SF$507.81
Days on Market281
Property Features for 224 Mill Rd
General Information
Standard status
Active
Size
1,280 SF
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Building Details
Year Built
1960
Construction
Colonial
Listing Agency:
Re/Max Advisors
Listed By:
Scott O'Brien · License #10301210651
(347) 204-7495
Source:
Statenislandhomelistings
Added: Nov 26, 2025
Changed: Sep 2
Last Checked: Sep 2 at 6:25PM
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 Re/Max Advisors
Investment Insights
Based on property information with market context.
This multifamily property was built in 1960 and includes an open interior arrangement, updated kitchen and bathroom, large bedrooms, and a finished basement. A yard adds usable outdoor space, while the property size is listed as 1,280 square feet.
The property is located at 224 Mill Rd in Staten Island, near parks, the ocean, shopping, schools, restaurants, and express bus service. Its setting provides access to a broad range of everyday amenities and transportation options.
The property is located at 224 Mill Rd in Staten Island, near parks, the ocean, shopping, schools, restaurants, and express bus service. Its setting provides access to a broad range of everyday amenities and transportation options.
Key Highlights
- 1,280‑square‑foot multifamily property
- Finished basement with open interior layout
- New kitchen and new 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
$28,892
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
4.44%
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%
$577,840
$577.8K
Cap Rate 7%
$412,743
$412.7K
Cap Rate 9%
$321,022
$321.0K
Market Conditions
NOI Build-Up for 1,280 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
$55.3K $43.20/SF
− Vacancy
−$2.8K −$2.16/SF
EGI
$52.5K $41.04/SF
− OpEx
−$23.6K −$18.47/SF
NOI
$28.9K $22.57/SF
Area
ZIP 10306
Vacancy
5.00%
Lease Rate
$43.20 /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%
$577,840
Cap Rate 7%
$412,743
Cap Rate 9%
$321,022
Alternative Uses
Best Use
Apartment 5plus
$412.7K
$361.2K – $481.5K
NOI $28,892 @ 7.0% cap · market cap 4.44%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$610.7K
$534.4K – $712.5K
NOI $42,752 @ 7.0% cap · market cap 6.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
840
Businesses Nearby
Explore this area
Business Placement
Demographics for 10306, NY
57,919
Population
21,299
Households
2.7
Avg Household Size
43
Median Age
34%
College-Educated
88%
High-School Grad
7.2 sq mi
ZIP Area
8,044
Density / Sq Mi
$97,746
Median Household Income
$54,052
Median Earnings
$1,743
Median Rent
$675,400
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 - Updated interior features, generous bedrooms, and a yard support comfortable residential use near parks, schools, shopping, and transit.
Where is this multifamily property located?
The property is located at 224 Mill Rd Staten Island, NY.
What is the asking price?
The asking price for this property is $649,999.
What are key features of this property?
This property features: 1,280‑square‑foot multifamily property; Finished basement with open interior layout; New kitchen and new bathroom
