Brick Quadplex with Finished
For Sale
$2,099,000
55 Bay 23rd Street, Brooklyn, NY 11214
Residential, Brooklyn, NY
Property Size3,175 SF
Lot Size0.07 Acres
Price / SF$661.10
Days on Market151
Property Features for 55 Bay 23rd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RX06
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bedroom 1, Bathroom 4, Bathroom 3, Bedroom 2, Bathroom 1, Bedroom 6, Bedroom 4, Bathroom 2, Bedroom 3
Interior features
Refrigerator, Stove
Basement
Finished
Subdivision
Bath Beach
Standard status
Active
Size
3,175 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
18241
Amenities
finished basement with separate entrance
Building Details
Year built
1923
Number of units
4
Flooring type
Tile, Hardwood
Building materials
Brick
Roof type
Flat
Listing Agency:
RE/MAX Edge · RE/MAX International
(718) 612-3088
Listed By:
Renzhang Danny Dong · License #RD7348
(929) 291-9897
Added: May 4
Changed: Sep 16
Last Checked: Oct 1 at 2:06PM
MLS# 501139
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.
This semi-attached brick quadplex contains four apartments, with one one-bedroom and one two-bedroom residence on each of the two main floors. A finished basement with its own entrance provides additional interior space. Hardwood and tile flooring, a flat roof, refrigerators, and stoves are among the existing features. The property was built in 1923 and is zoned RX06.
The building measures 21 by 77 feet on a 25 by 120-foot lot, with 3,175 square feet of property size and 0.0689 acres. A shared driveway provides parking for up to two cars. Public transportation options include the D train at 20th Avenue station, the B1, B64, B6, and B82-SBS bus lines, and express buses to Manhattan. Shopping, restaurants, and everyday services are located nearby.
The building measures 21 by 77 feet on a 25 by 120-foot lot, with 3,175 square feet of property size and 0.0689 acres. A shared driveway provides parking for up to two cars. Public transportation options include the D train at 20th Avenue station, the B1, B64, B6, and B82-SBS bus lines, and express buses to Manhattan. Shopping, restaurants, and everyday services are located nearby.
Key Highlights
- Four‑family brick property with one‑bedroom and two‑bedroom apartments on each main floor
- Finished basement with separate entrance
- 3,175 square feet on a 0.0689‑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
$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
4.13%
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 4.13%
Second Best
Apartment 5plus
$1.11M
$970.1K – $1.29M
NOI $77,611 @ 7.0% cap · market cap 3.70%
Theoretical Best
Office A
$1.85M
$1.62M – $2.16M
NOI $129,650 @ 7.0% cap · market cap 6.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four residential units are arranged in matching one- and two-bedroom layouts across two floors.
Where is this quadplex located?
The property is located at 55 Bay 23rd Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,099,000.
What are key features of this property?
This property features: Four‑family brick property with one‑bedroom and two‑bedroom apartments on each main floor; Finished basement with separate entrance; 3,175 square feet on a 0.0689‑acre lot
