Legal Six-Family Apartment
For Sale
$1,399,000
438 60th Street, Brooklyn, NY 11220
MULTI_FAMILY - Brooklyn, NY
Property Size3,600 SF
Lot Size0.05 Acres
Price / SF$388.61
Days on Market558
Property Features for 438 60th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6B
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 4, Bathroom 5, Bathroom 6, Bathroom 2, Bathroom 1, Bathroom 3
Interior features
Refrigerator, Stove
Basement
Finished
Subdivision
Sunset Park
Standard status
Active
Size
3,600 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
13257
Building Details
Floors in Building
3
Number of units
6
Flooring type
Ceramic, Tile, Hardwood
Building materials
Brick
Roof type
Flat
Listing Agency:
Pullini Realty Corp.
(718) 621-1446
Listed By:
Lisa Pullini · License #10311200451
(718) 621-1446
Added: Feb 10, 2025
Changed: Aug 13
Last Checked: Aug 22 at 8:06AM
MLS# 489146
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.
Located at 438 60th Street in Brooklyn, this legal six-family apartment building totals 3,600 square feet on a 0.0459-acre lot. The property is arranged as six 2-bedroom units, and each unit includes one bathroom. Construction is brick with a flat roof.
Interiors include ceramic, hardwood, and tile flooring, plus appliances such as refrigerators and stoves. The property also lists multiple bathroom spaces across the unit configuration.
Transportation access includes the R, D, and N trains at the 59th St stop, along with the B9 bus serving the 60th St/4 Ave area and the 60th St/5th Ave area. Nearby institutional uses include Brooklyn Army Terminal and NYU Langone Hospital. Schools mentioned include Sunset Park School Health, P.S. 503 the School of Discovery, Sunset School of Cultural Learning, Magical Years early childhood daycare center, Public School 310, P.S. 169 Sunset Park, and Pre-School of America.
Interiors include ceramic, hardwood, and tile flooring, plus appliances such as refrigerators and stoves. The property also lists multiple bathroom spaces across the unit configuration.
Transportation access includes the R, D, and N trains at the 59th St stop, along with the B9 bus serving the 60th St/4 Ave area and the 60th St/5th Ave area. Nearby institutional uses include Brooklyn Army Terminal and NYU Langone Hospital. Schools mentioned include Sunset Park School Health, P.S. 503 the School of Discovery, Sunset School of Cultural Learning, Magical Years early childhood daycare center, Public School 310, P.S. 169 Sunset Park, and Pre-School of America.
Key Highlights
- Legal six‑family apartment building with six 2‑bedroom units, each with 1 bathroom
- Zoned R6B
- 0.0459‑acre lot
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
$96,000
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
6.86%
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%
$1,920,000
$1.9M
Cap Rate 7%
$1,371,429
$1.4M
Cap Rate 9%
$1,066,667
$1.1M
Market Conditions
NOI Build-Up for 3,600 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
$181.4K $50.40/SF
− Vacancy
−$6.9K −$1.92/SF
EGI
$174.5K $48.48/SF
− OpEx
−$78.5K −$21.82/SF
NOI
$96.0K $26.67/SF
Area
ZIP 11220
Vacancy
3.80%
Lease Rate
$50.40 /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%
$1,920,000
Cap Rate 7%
$1,371,429
Cap Rate 9%
$1,066,667
Alternative Uses
Best Use
Apartment 5plus
$1.37M
$1.20M – $1.60M
NOI $96,000 @ 7.0% cap · market cap 6.86%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.33M
$2.04M – $2.72M
NOI $163,365 @ 7.0% cap · market cap 11.68%
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
6,453
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?
Apartment building - Zoned R6B brick six-unit building with 2-bedroom units and flat roof.
Where is this apartment building located?
The property is located at 438 60th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: Legal six‑family apartment building with six 2‑bedroom units, each with 1 bathroom; Zoned R6B; 0.0459‑acre lot
