Renovated Multifamily
For Sale
$570,000
224 Wiman Ave, Staten Island, NY 10308
Updated interiors, private outdoor space, and a driveway support comfortable residential use near neighborhood amenities.
Property Size1,216 SF
Price / SF$468.75
Days on Market94
Property Features for 224 Wiman Ave
General Information
Standard status
Active
Size
1,216 SF
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Amenities
private backyard
driveway
Building Details
Year Built
1930
Listing Agency:
Red Door Realty Group
Listed By:
Samantha Conca
(718) 987-3667
Source:
Statenislandhomelistings
Added: Jun 1
Changed: Sep 1
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 Red Door Realty Group
Investment Insights
Based on property information with market context.
This 1,216-square-foot multifamily property, built in 1930, has undergone renovation with an open interior layout and abundant natural light. The residence includes a spacious living room, an updated kitchen with contemporary cabinetry, streamlined countertops, and stainless steel appliances, along with generously sized bedrooms and refreshed bathrooms. A 25-by-135-foot lot provides a private backyard, while the driveway adds on-site convenience.
The property is located at 224 Wiman Ave in Staten Island’s Great Kills neighborhood. Great Kills Park, local retail and restaurants, and public transportation are described as being minutes away, combining a residential setting with access to nearby amenities.
The property is located at 224 Wiman Ave in Staten Island’s Great Kills neighborhood. Great Kills Park, local retail and restaurants, and public transportation are described as being minutes away, combining a residential setting with access to nearby amenities.
Key Highlights
- 1,216 SF multifamily property built in 1930
- Renovated interior with open layout and abundant natural light
- Updated kitchen with modern cabinetry, sleek countertops, and stainless steel appliances
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
$26,966
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
4.73%
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%
$539,320
$539.3K
Cap Rate 7%
$385,229
$385.2K
Cap Rate 9%
$299,622
$299.6K
Market Conditions
NOI Build-Up for 1,216 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
$51.1K $42.00/SF
− Vacancy
−$2.0K −$1.68/SF
EGI
$49.0K $40.32/SF
− OpEx
−$22.1K −$18.14/SF
NOI
$27.0K $22.18/SF
Area
Staten Island, NY
Vacancy
4.00%
Lease Rate
$42.00 /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%
$539,320
Cap Rate 7%
$385,229
Cap Rate 9%
$299,622
Alternative Uses
Best Use
Apartment 5plus
$385.2K
$337.1K – $449.4K
NOI $26,966 @ 7.0% cap · market cap 4.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$580.2K
$507.7K – $676.9K
NOI $40,615 @ 7.0% cap · market cap 7.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
691
Businesses Nearby
Explore this area
Business Placement
Demographics for 10308, NY
28,198
Population
11,093
Households
2.5
Avg Household Size
44
Median Age
40%
College-Educated
94%
High-School Grad
2.2 sq mi
ZIP Area
12,817
Density / Sq Mi
$122,654
Median Household Income
$67,149
Median Earnings
$1,729
Median Rent
$648,800
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 interiors, private outdoor space, and a driveway support comfortable residential use near neighborhood amenities.
Where is this multifamily property located?
The property is located at 224 Wiman Ave Staten Island, NY.
What is the asking price?
The asking price for this property is $570,000.
What are key features of this property?
This property features: 1,216 SF multifamily property built in 1930; Renovated interior with open layout and abundant natural light; Updated kitchen with modern cabinetry, sleek countertops, and stainless steel appliances
