Four-Unit Multifamily
New
For Sale
$1,399,000
53-55 Luke Court, Staten Island, NY 10306
Residential Income, Staten Island, NY
Property Size4,742 SF
Lot Size0.12 Acres
Price / SF$295.02
Days on Market1
Property Features for 53-55 Luke Court
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
R3-2
Bedrooms
8
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 8, Bedroom 1, Bedroom 5, Bedroom 4, Bedroom 7, Bathroom 1, Bathroom 3, Bedroom 2, Bedroom 6, Bathroom 4, Bathroom 2, Bathroom 5, Bedroom 3
Parking features
Driveway
Basement
Finished, Full, Unfinished
Lot features
Front Yard, Back Yard
Subdivision
Richmond Town
Standard status
Active
APN
04478-0220/0221
Size
4,742 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Annual Amount
13900
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Building Details
Year built
1986
Floors in Building
2
Number of units
4
Building materials
Vinyl Siding
Architectural style
Colonial
Listing Agency:
Tom Crimmins Realty, Ltd.
(718) 370-3200
Listed By:
Ross Buxbaum
(718) 619-7976
Added: Aug 25
Last Checked: Aug 25 at 11:06PM
MLS# 2604809
Copyright © 2026 Staten Island Board of Realtors. 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.
This multifamily package includes two separate legal two-family residences at 53-55 Luke Court, with four existing units in total. Each home contains two 2-bedroom, 1-bathroom units, and all units are vacant. The buildings provide 4,742 square feet combined and were constructed in 1986 with Colonial styling and vinyl siding.
The two homes occupy a combined 5,303 square feet of lot area. The residence at 53 Luke Court includes a finished basement with an additional bathroom and side entrance, while 55 Luke Court has an unfinished basement with its own side entrance. Both properties feature driveway parking, natural gas forced-air heat, central air conditioning, and public sewer service. The zoning designation is R3-2.
The two homes occupy a combined 5,303 square feet of lot area. The residence at 53 Luke Court includes a finished basement with an additional bathroom and side entrance, while 55 Luke Court has an unfinished basement with its own side entrance. Both properties feature driveway parking, natural gas forced-air heat, central air conditioning, and public sewer service. The zoning designation is R3-2.
Key Highlights
- Two separate legal two‑family homes sold together as one package
- Four existing units, with each residence configured as two 2‑bedroom, 1‑bathroom apartments
- All units are vacant at the time of sale
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
$120,454
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
8.61%
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%
$2,409,080
$2.4M
Cap Rate 7%
$1,720,771
$1.7M
Cap Rate 9%
$1,338,378
$1.3M
Market Conditions
NOI Build-Up for 4,742 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
$182.1K $38.40/SF
− Vacancy
−$10.0K −$2.11/SF
EGI
$172.1K $36.29/SF
− OpEx
−$51.6K −$10.89/SF
NOI
$120.5K $25.40/SF
Area
ZIP 10306
Vacancy
5.50%
Lease Rate
$38.40 /SF/Yr
Expense Ratio
30.00%
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%
$2,409,080
Cap Rate 7%
$1,720,771
Cap Rate 9%
$1,338,378
Alternative Uses
Best Use
Multifamily LT 5
$1.72M
$1.51M – $2.01M
NOI $120,454 @ 7.0% cap · market cap 8.61%
Second Best
Apartment 5plus
$1.53M
$1.34M – $1.78M
NOI $107,036 @ 7.0% cap · market cap 7.65%
Theoretical Best
Office A
$2.26M
$1.98M – $2.64M
NOI $158,384 @ 7.0% cap · market cap 11.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
395
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 - Two vacant legal two-family homes with basement space and separate entrances on Luke Court.
Where is this multifamily property located?
The property is located at 53-55 Luke Court Staten Island, 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: Two separate legal two‑family homes sold together as one package; Four existing units, with each residence configured as two 2‑bedroom, 1‑bathroom apartments; All units are vacant at the time of sale
