Six-Family Apartment
For Sale
$2,080,000
564 56th Street, Brooklyn, NY 11220
Residential, Brooklyn, NY
Property Size4,398 SF
Lot Size0.06 Acres
Price / SF$472.94
Days on Market51
Property Features for 564 56th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6B
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 4, Bathroom 2, Bathroom 5, Bathroom 6, Bathroom 3, Bathroom 1
Interior features
A/C Unit, A/C Unit - Window
Basement
Full
Subdivision
Sunset Park
Standard status
Active
Size
4,398 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
18335
Building Details
Floors in Building
3
Number of units
6
Flooring type
Carpet
Building materials
Brick
Roof type
Flat
Listing Agency:
Fang Fang Realty Inc
(718) 676-2518
Listed By:
XueFang (Sue) Li
(718) 676-2518
Added: Jul 10
Changed: Aug 20
Last Checked: Aug 29 at 12:06AM
MLS# 502931
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 six-family apartment property contains approximately 4,398 square feet within a three-story brick building and full basement. The structure occupies a 26.67 x 100 lot, with a building footprint of approximately 26.67 x 60. Interior features include window A/C units, carpeted floors, six bathrooms, and a flat roof. Four apartments will be delivered vacant at closing.
The property is located in Brooklyn, NY, near the N, R, and W subway lines, the B63 bus route, and the commercial corridors along 7th Avenue and 8th Avenue. R6B zoning applies to the property. Its six-unit configuration, basement, and partial vacancy provide a clearly defined multifamily layout for evaluation by prospective purchasers.
The property is located in Brooklyn, NY, near the N, R, and W subway lines, the B63 bus route, and the commercial corridors along 7th Avenue and 8th Avenue. R6B zoning applies to the property. Its six-unit configuration, basement, and partial vacancy provide a clearly defined multifamily layout for evaluation by prospective purchasers.
Key Highlights
- Six‑family property with four units delivered vacant
- Approximately 4,398 square feet on a 26.67 x 100 lot
- Three‑story brick building with 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 brick building with a full basement and four units delivered vacant.
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 property with four units delivered vacant; Approximately 4,398 square feet on a 26.67 x 100 lot; Three‑story brick building with a full basement
