Six-Unit Brick Apartment
For Sale
$1,478,000
59 Bay 22nd Street, Brooklyn, NY 11214
Residential, Brooklyn, NY
Property Size5,544 SF
Lot Size0.07 Acres
Price / SF$266.59
Days on Market342
Property Features for 59 Bay 22nd Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R5
Bedrooms
11
Bathrooms
6
Full bathrooms
6
Rooms
Bedroom 7, Bedroom 11, Bathroom 6, Bedroom 8, Bathroom 2, Bedroom 9, Bedroom 4, Bedroom 3, Bathroom 3, Bathroom 1, Bathroom 4, Bedroom 6, Bedroom 5, Bedroom 2, Bedroom 10, Bedroom 1, Bathroom 5
Interior features
Refrigerator, Stove
Basement
Full
Subdivision
Bensonhurst
Standard status
Active
Size
5,544 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
22593
Building Details
Year built
1925
Floors in Building
3
Number of units
6
Flooring type
Hardwood, Tile
Building materials
Brick
Roof type
Flat, Rubber
Listing Agency:
Ben Bay Realty Co of Bay Ridge
(718) 238-6080
Listed By:
Anthony Mussolino
(718) 238-6080
Added: Sep 22, 2025
Changed: Aug 21
Last Checked: Aug 29 at 11:06AM
MLS# 495901
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-detached brick apartment property contains six residences: five two-bedroom apartments and one one-bedroom apartment. The building provides 5,544 square feet, six bathrooms, hardwood and tile flooring, refrigerators, and stoves. A basement with entrances at both the front and rear adds functional lower-level access. The flat rubber roof is eight years old, and the heating system is six years old.
Built in 1925, the property occupies a 31-by-97-foot lot, with a house footprint measuring 24 by 77 feet. It is located at 59 Bay 22nd Street in Brooklyn, near the 86th Street commercial corridor. Local and express bus service, as well as the D train, are stated to be less than a minute away. The property is zoned R5 and constructed with brick.
Built in 1925, the property occupies a 31-by-97-foot lot, with a house footprint measuring 24 by 77 feet. It is located at 59 Bay 22nd Street in Brooklyn, near the 86th Street commercial corridor. Local and express bus service, as well as the D train, are stated to be less than a minute away. The property is zoned R5 and constructed with brick.
Key Highlights
- Six‑unit configuration with five two‑bedroom apartments and one one‑bedroom apartment
- 5,544 square feet on a 0.0688‑acre lot
- 31'x97' lot with a 24'x77' house size
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
$135,520
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
9.17%
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%
$2,710,400
$2.7M
Cap Rate 7%
$1,936,000
$1.9M
Cap Rate 9%
$1,505,778
$1.5M
Market Conditions
NOI Build-Up for 5,544 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
$256.1K $46.20/SF
− Vacancy
−$9.7K −$1.76/SF
EGI
$246.4K $44.44/SF
− OpEx
−$110.9K −$20.00/SF
NOI
$135.5K $24.44/SF
Area
ZIP 11214
Vacancy
3.80%
Lease Rate
$46.20 /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%
$2,710,400
Cap Rate 7%
$1,936,000
Cap Rate 9%
$1,505,778
Alternative Uses
Best Use
Apartment 5plus
$1.94M
$1.69M – $2.26M
NOI $135,520 @ 7.0% cap · market cap 9.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.23M
$2.83M – $3.77M
NOI $226,387 @ 7.0% cap · market cap 15.32%
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
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?
Apartment building - Semi-detached layout includes five two-bedroom residences, one one-bedroom residence, and a basement with front and rear access.
Where is this apartment building located?
The property is located at 59 Bay 22nd Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,478,000.
What are key features of this property?
This property features: Six‑unit configuration with five two‑bedroom apartments and one one‑bedroom apartment; 5,544 square feet on a 0.0688‑acre lot; 31'x97' lot with a 24'x77' house size
