Six-Family Apartment
For Sale
$2,080,000
564 56th Street, Brooklyn, NY 11220
Three-story multifamily property with a full basement and four units scheduled for vacant delivery.
Property Size4,398 SF
Lot Size0.06 Acres
Days on Market51
Property Features for 564 56th Street
General Information
Standard status
Active
Size
4,398 SF
Lot size
0.06 Acres
Property subtype
Multi Family Home
Zoning
R6B
Additional Details
Public Transit
Yes
Multifamily Units
6
Building Details
Building Size
4,398 SF
Buildings
1
Stories
3
Listing Agency:
Fang Fang Realty Inc
(718) 676-2518
Listed By:
Xuefang (Sue) Li
(718) 676-2518
Source:
Kirinny
Added: Jul 10
Changed: Aug 28
Last Checked: Aug 28 at 7:08PM
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 Fang Fang Realty Inc
Investment Insights
Based on property information with market context.
This six-family apartment building occupies a 26.67 x 100 lot and contains approximately 26.67 x 60 of building area. The structure rises three stories above a full basement and is designated R6B. Four apartments will be delivered vacant, creating flexibility for an owner-user or rental operations.
The property is located at 564 56th Street in Brooklyn’s Sunset Park area, with access to the N, R, and W trains and the B63 bus. Shopping and everyday services are available near the commercial corridors of 7th Avenue and 8th Avenue.
The property is located at 564 56th Street in Brooklyn’s Sunset Park area, with access to the N, R, and W trains and the B63 bus. Shopping and everyday services are available near the commercial corridors of 7th Avenue and 8th Avenue.
Key Highlights
- Six‑family apartment building on a 26.67 x 100 lot
- Approximately 26.67 x 60 building size
- Three stories plus a full basement
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
$117,280
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
5.64%
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%
$2,345,600
$2.3M
Cap Rate 7%
$1,675,429
$1.7M
Cap Rate 9%
$1,303,111
$1.3M
Market Conditions
NOI Build-Up for 4,398 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
$221.7K $50.40/SF
− Vacancy
−$8.4K −$1.92/SF
EGI
$213.2K $48.48/SF
− OpEx
−$96.0K −$21.82/SF
NOI
$117.3K $26.67/SF
Area
ZIP 11220
Vacancy
3.80%
Lease Rate
$50.40 /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%
$2,345,600
Cap Rate 7%
$1,675,429
Cap Rate 9%
$1,303,111
Alternative Uses
Best Use
Apartment 5plus
$1.68M
$1.47M – $1.95M
NOI $117,280 @ 7.0% cap · market cap 5.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.85M
$2.49M – $3.33M
NOI $199,578 @ 7.0% cap · market cap 9.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
7,048
Businesses Nearby
Explore this area
Business Placement
Demographics for 11220, NY
105,797
Population
30,897
Households
3.4
Avg Household Size
35
Median Age
25%
College-Educated
62%
High-School Grad
1.7 sq mi
ZIP Area
62,234
Density / Sq Mi
$64,201
Median Household Income
$31,489
Median Earnings
$1,688
Median Rent
$1,021,200
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 - Three-story multifamily property with a full basement and four units scheduled for vacant delivery.
Where is this apartment building located?
The property is located at 564 56th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,080,000.
What are key features of this property?
This property features: Six‑family apartment building on a 26.67 x 100 lot; Approximately 26.67 x 60 building size; Three stories plus a full basement
