Brick Quadplex with Finished
For Sale
$2,199,000
55 Bay 23rd St, Brooklyn, NY 11214
Each residential level contains one one-bedroom and one two-bedroom apartment in a consistent floor plan.
Property Size3,175 SF
Lot Size0.07 Acres
Days on Market116
Property Features for 55 Bay 23rd St
General Information
Standard status
Active
Size
3,175 SF
Total Parking Spaces
2
Lot size
0.07 Acres
Property subtype
Multi Family
Units
Unit Mix
2 x 1BR, 2 x 2BR
Multifamily Units
4
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$18,241
Amenities
finished basement
Building Details
Building Size
3,175 SF
Year Built
1923
Buildings
1
Construction
brick
Listing Agency:
Womcore LLC dba Remax Edge
(718) 612-3088
Listed By:
Renzhang Danny Dong · License #RD7348
(718) 612-3088
Source:
Elliman
Added: May 9
Changed: Aug 30
Last Checked: Aug 31 at 4:11PM
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 Womcore LLC dba Remax Edge
Investment Insights
Based on property information with market context.
This semi-attached brick quadplex, built in 1923, contains four apartments arranged across two floors. Each level has one one-bedroom residence and one two-bedroom residence, creating the same unit mix on both floors. A fully finished basement with its own entrance provides additional enclosed space. The property measures 21x77, while the lot measures 25x120.
A shared driveway accommodates parking for up to two cars. Public transportation access includes the D train at 20th Avenue station, nearby B1, B64, B6, and B82-SBS bus service, plus express buses to Manhattan. Shopping, restaurants, and daily necessities are located nearby. Walk Score is 96, Transit Score is 84, and Bike Score is 56.
A shared driveway accommodates parking for up to two cars. Public transportation access includes the D train at 20th Avenue station, nearby B1, B64, B6, and B82-SBS bus service, plus express buses to Manhattan. Shopping, restaurants, and daily necessities are located nearby. Walk Score is 96, Transit Score is 84, and Bike Score is 56.
Key Highlights
- Four‑family brick property built in 1923
- One 1‑bedroom and one 2‑bedroom apartment on each floor
- Fully finished basement with separate entrance
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
$86,597
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
3.94%
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%
$1,731,940
$1.7M
Cap Rate 7%
$1,237,100
$1.2M
Cap Rate 9%
$962,189
$962.2K
Market Conditions
NOI Build-Up for 3,175 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
$129.5K $40.80/SF
− Vacancy
−$5.8K −$1.84/SF
EGI
$123.7K $38.96/SF
− OpEx
−$37.1K −$11.69/SF
NOI
$86.6K $27.27/SF
Area
ZIP 11214
Vacancy
4.50%
Lease Rate
$40.80 /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%
$1,731,940
Cap Rate 7%
$1,237,100
Cap Rate 9%
$962,189
Alternative Uses
Best Use
Multifamily LT 5
$1.24M
$1.08M – $1.44M
NOI $86,597 @ 7.0% cap · market cap 3.94%
Second Best
Apartment 5plus
$1.11M
$970.1K – $1.29M
NOI $77,611 @ 7.0% cap · market cap 3.53%
Theoretical Best
Office A
$1.85M
$1.62M – $2.16M
NOI $129,650 @ 7.0% cap · market cap 5.90%
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
3,961
Businesses Nearby
Explore this area
Business Placement
Demographics for 11214, NY
96,560
Population
33,341
Households
2.9
Avg Household Size
39
Median Age
32%
College-Educated
76%
High-School Grad
2.0 sq mi
ZIP Area
48,280
Density / Sq Mi
$64,286
Median Household Income
$41,172
Median Earnings
$1,710
Median Rent
$1,007,400
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?
Quadplex - Each residential level contains one one-bedroom and one two-bedroom apartment in a consistent floor plan.
Where is this quadplex located?
The property is located at 55 Bay 23rd St Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,199,000.
What are key features of this property?
This property features: Four‑family brick property built in 1923; One 1‑bedroom and one 2‑bedroom apartment on each floor; Fully finished basement with separate entrance
