Renovated 8-Unit Apartment
New
For Sale
Contact for pricing
60 New York Avenue, Brooklyn, NY 20001
Eight four-bedroom residences are fully occupied and operate on a free-market basis.
Property Size9,584 SF
Price / SF$485.18
Days on Market6
Property Features for 60 New York Avenue
General Information
Standard status
Active
Size
9,584 SF
Property subtype
Multifamily
Zoning
C8-2
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$339,450
Units
Unit Mix
8 x 4BR
Multifamily Units
8
Building Details
Year Built
1931
Buildings
1
Units
8
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Manhattan
Listed By:
Dan Greenblatt · License #NY 10301215921
Source:
Crexi
Added: Aug 7
Changed: Aug 12
Last Checked: Aug 12 at 4:16AM
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 Marcus & Millichap - Manhattan
Investment Insights
Based on property information with market context.
This 8-unit apartment building at 60 New York Avenue in Crown Heights, Brooklyn, was built in 1931 and has undergone a full renovation. The property contains 9,584 square feet, with four bedrooms in each residence. All units are designated free market and the building is fully occupied.
Units 1L and 1R offer a potential configuration for duplex access to the basement, along with private backyard access. The property also includes documentation related to deregulation. Its residential layout and existing occupancy provide a clear multifamily profile within Brooklyn.
Units 1L and 1R offer a potential configuration for duplex access to the basement, along with private backyard access. The property also includes documentation related to deregulation. Its residential layout and existing occupancy provide a clear multifamily profile within Brooklyn.
Key Highlights
- 8 residential units, each with 4 bedrooms
- 9,584 square feet in total
- Fully renovated multifamily building
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
$292,590
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
6.29%
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%
$5,851,800
$5.9M
Cap Rate 7%
$4,179,857
$4.2M
Cap Rate 9%
$3,251,000
$3.3M
Market Conditions
NOI Build-Up for 9,584 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
$542.8K $56.64/SF
− Vacancy
−$10.9K −$1.13/SF
EGI
$532.0K $55.51/SF
− OpEx
−$239.4K −$24.98/SF
NOI
$292.6K $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%
$5,851,800
Cap Rate 7%
$4,179,857
Cap Rate 9%
$3,251,000
Alternative Uses
Best Use
Apartment 5plus
$4.18M
$3.66M – $4.88M
NOI $292,590 @ 7.0% cap · market cap 6.29%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$7.94M
$6.94M – $9.26M
NOI $555,489 @ 7.0% cap · market cap 11.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
6,367
Businesses Nearby
Explore this area
Business Placement
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 - Eight four-bedroom residences are fully occupied and operate on a free-market basis.
Where is this apartment building located?
The property is located at 60 New York Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $4,650,000.
What are key features of this property?
This property features: 8 residential units, each with 4 bedrooms; 9,584 square feet in total; Fully renovated multifamily building
