Renovated 6-Over-6 Apartment
For Sale
Contact for pricing
51 Cassidy Place, Staten Island, NY 10301
Renovated 6-over-6 income building with a rented second floor and vacant first floor ready for occupancy.
Property Size1,872 SF
Price / SF$426.28
Days on Market71
Property Features for 51 Cassidy Place
General Information
Standard status
Active
Size
1,872 SF
Property subtype
Multifamily
Zoning
R3X
Building Details
Year Built
1910
Stories
2
Units
2
Listing Agency:
ROBERT DEFALCO REALTY
(917) 533-8060
Listed By:
Dritan Tony Gashi · License #NY
Source:
Crexi
Added: Jun 11
Changed: Aug 8
Last Checked: Aug 20 at 7:35AM
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 ROBERT DEFALCO REALTY
Investment Insights
Based on property information with market context.
This for-sale multifamily property is a 6-over-6 apartment building that was renovated approximately two years ago. The layout includes rental space on the second floor, with the first floor currently vacant. The property size is listed as 1,872.
The asset is located at 51 Cassidy Place on Staten Island, New York. The current rent roll noted in the remarks indicates the second floor is rented for $3,500.
From a tenant or owner-operator standpoint, the current configuration offers both an operating unit and immediate flexibility. With the second floor already in place as a rented space, the building supports an income-producing arrangement while the vacant first floor allows for new occupancy plans at the buyer’s discretion. As with any renovation and mixed-occupancy structure, prospective buyers and brokers should confirm all details during due diligence, including the condition of the finishes and the terms supporting the stated rental amount.
The asset is located at 51 Cassidy Place on Staten Island, New York. The current rent roll noted in the remarks indicates the second floor is rented for $3,500.
From a tenant or owner-operator standpoint, the current configuration offers both an operating unit and immediate flexibility. With the second floor already in place as a rented space, the building supports an income-producing arrangement while the vacant first floor allows for new occupancy plans at the buyer’s discretion. As with any renovation and mixed-occupancy structure, prospective buyers and brokers should confirm all details during due diligence, including the condition of the finishes and the terms supporting the stated rental amount.
Key Highlights
- Renovated 6‑over‑6 income building (Year Built: 1910)
- Second floor is rented for $3,500
- First floor is vacant and ready for occupancy
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
$41,513
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
5.20%
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%
$830,260
$830.3K
Cap Rate 7%
$593,043
$593.0K
Cap Rate 9%
$461,256
$461.3K
Market Conditions
NOI Build-Up for 1,872 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
$78.6K $42.00/SF
− Vacancy
−$3.1K −$1.68/SF
EGI
$75.5K $40.32/SF
− OpEx
−$34.0K −$18.14/SF
NOI
$41.5K $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%
$830,260
Cap Rate 7%
$593,043
Cap Rate 9%
$461,256
Alternative Uses
Best Use
Apartment 5plus
$593.0K
$518.9K – $691.9K
NOI $41,513 @ 7.0% cap · market cap 5.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$893.2K
$781.6K – $1.04M
NOI $62,525 @ 7.0% cap · market cap 7.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,028
Businesses Nearby
Explore this area
Business Placement
Demographics for 10301, NY
41,474
Population
16,631
Households
2.5
Avg Household Size
40
Median Age
38%
College-Educated
88%
High-School Grad
3.8 sq mi
ZIP Area
10,914
Density / Sq Mi
$84,937
Median Household Income
$50,140
Median Earnings
$1,697
Median Rent
$657,000
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 - Renovated 6-over-6 income building with a rented second floor and vacant first floor ready for occupancy.
Where is this apartment building located?
The property is located at 51 Cassidy Place Staten Island, NY.
What is the asking price?
The asking price for this property is $798,000.
What are key features of this property?
This property features: Renovated 6‑over‑6 income building (Year Built: 1910); Second floor is rented for $3,500; First floor is vacant and ready for occupancy
