Elevator Residential Income
For Sale
$740,000
56 COURT Street 2B, Brooklyn, NY 11201
Second-floor residential property with high ceilings, elevator access, and a flexible studio-to-one-bedroom layout.
Property Size730 SF
Price / SF$1,013
Days on Market93
Property Features for 56 COURT Street 2B
General Information
Standard status
Active
Size
730 SF
Elevators
Yes
Property subtype
Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Building Details
Building Size
730 SF
Year Built
1927
Listing Agency:
Coldwell Banker Warburg
Listed By:
Jarrod Duncan
(931) 801-3246
Source:
Howardhannanyc
Added: Jun 8
Changed: Aug 23
Last Checked: Sep 7 at 6:55AM
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 Coldwell Banker Warburg
Investment Insights
Based on property information with market context.
This residential income property occupies the second floor of a low-rise building constructed in 1927. The 730-square-foot unit is currently arranged as a large studio and includes one bathroom, with the existing layout offering the potential to restore a one-bedroom configuration. Interior character includes 10.5-foot ceilings and pre-war architectural detailing, while an elevator serves the building.
The property is located at 56 Court Street, Unit 2B, in Brooklyn Heights. Brooklyn Promenade, Montague Street, Smith Street, Trader Joe’s, and Key Food Supermarket are identified nearby. Transportation access includes the A, C, 2, 3, 4, 5, F, G, and R subway lines, along with the NYC Ferry stop at Brooklyn Bridge Park Pier 6.
The property is located at 56 Court Street, Unit 2B, in Brooklyn Heights. Brooklyn Promenade, Montague Street, Smith Street, Trader Joe’s, and Key Food Supermarket are identified nearby. Transportation access includes the A, C, 2, 3, 4, 5, F, G, and R subway lines, along with the NYC Ferry stop at Brooklyn Bridge Park Pier 6.
Key Highlights
- 730 square feet with 10.5‑foot ceilings
- Currently configured as a large studio with potential to restore a 1‑bedroom layout
- 1 bathroom in a second‑floor unit
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
$22,286
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
3.01%
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%
$445,720
$445.7K
Cap Rate 7%
$318,371
$318.4K
Cap Rate 9%
$247,622
$247.6K
Market Conditions
NOI Build-Up for 730 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
$41.3K $56.64/SF
− Vacancy
−$827 −$1.13/SF
EGI
$40.5K $55.51/SF
− OpEx
−$18.2K −$24.98/SF
NOI
$22.3K $30.53/SF
Area
Brooklyn, NY
Vacancy
2.00%
Lease Rate
$56.64 /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%
$445,720
Cap Rate 7%
$318,371
Cap Rate 9%
$247,622
Alternative Uses
Best Use
Apartment 5plus
$318.4K
$278.6K – $371.4K
NOI $22,286 @ 7.0% cap · market cap 3.01%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$604.4K
$528.9K – $705.2K
NOI $42,311 @ 7.0% cap · market cap 5.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
11,642
Businesses Nearby
Explore this area
Business Placement
Demographics for 11201, NY
69,703
Population
36,155
Households
1.9
Avg Household Size
35
Median Age
79%
College-Educated
96%
High-School Grad
1.4 sq mi
ZIP Area
49,788
Density / Sq Mi
$169,285
Median Household Income
$113,681
Median Earnings
$3,207
Median Rent
$1,131,700
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Second-floor residential property with high ceilings, elevator access, and a flexible studio-to-one-bedroom layout.
Where is this residential income property located?
The property is located at 56 COURT Street 2B Brooklyn, NY.
What is the asking price?
The asking price for this property is $740,000.
What are key features of this property?
This property features: 730 square feet with 10.5‑foot ceilings; Currently configured as a large studio with potential to restore a 1‑bedroom layout; 1 bathroom in a second‑floor unit
