Apartment Building with On-Site
For Sale
$29,000,000
6020 3rd Avenue, Brooklyn, NY 11220
MULTI_FAMILY - Brooklyn, NY
Property Size57,878 SF
Lot Size0.42 Acres
Price / SF$501.05
Days on Market8
Property Features for 6020 3rd Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6B
Bathrooms
56
Full bathrooms
53
Half bathrooms
3
Rooms
Bathroom 35, Bathroom 11, Bathroom 52, Bathroom 12, Bathroom 9, Bathroom 40, Bathroom 7, Bathroom 27, Bathroom 20, Bathroom 28, Bathroom 31, Bathroom 38, Bathroom 26, Bathroom 34, Bathroom 17, Bathroom 36, Bathroom 1, Bathroom 2, Bathroom 22, Bathroom 49, Bathroom 55, Bathroom 15, Bathroom 53, Bathroom 48, Bathroom 47, Bathroom 42, Bathroom 23, Bathroom 13, Bathroom 54, Bathroom 32, Bathroom 14, Bathroom 29, Bathroom 24, Bathroom 25, Bathroom 19, Bathroom 21, Bathroom 33, Bathroom 46, Bathroom 8, Bathroom 30, Bathroom 56, Bathroom 10, Bathroom 5, Bathroom 43, Bathroom 37, Bathroom 18, Bathroom 45, Bathroom 4, Bathroom 51, Bathroom 41, Bathroom 6, Bathroom 50, Bathroom 44, Bathroom 3, Bathroom 16, Bathroom 39
Interior features
A/C Unit, Alarm, Dryer, Elevator, Laundry Area, Refrigerator, Stove, Terrace, Washer
Basement
Full, Finished
Accessibility
Accessible Elevator Installed
Subdivision
Sunset Park
Standard status
Active
Size
57,878 SF
Lot size
0.42 Acres
Taxes and HOA fees
Tax Annual Amount
30446
Amenities
rooftop terrace
bike storage
virtual doorman
security systems
Building Details
Year built
2022
Floors in Building
5
Number of units
1
Flooring type
Tile, Hardwood
Building materials
Brick
Roof type
Flat
Listing Agency:
E House Realty & Mgt. Inc.
(718) 680-2776
Listed By:
MeiJuan (Mandy) Jiang
(718) 680-2776
Added: Aug 2
Changed: Aug 3
Last Checked: Aug 9 at 1:06PM
MLS# 503462
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.
Completed in 2022, this 57,878-square-foot apartment building contains 53 residential units, including 52 two-bedroom units and one one-bedroom unit, along with one street-level commercial space. The property also includes 30 on-site parking spaces, an elevator, an accessible elevator installation, rooftop terrace, bike storage, laundry area, and modern security features. Interior amenities include air conditioning, in-unit or building laundry equipment, refrigerators, stoves, tile, and hardwood flooring.
Located at 6020 3rd Avenue in Brooklyn, the property is near the 8th Avenue commercial corridor, Industry City, subway service, and major highways. The building is zoned R6B and constructed with brick and a flat roof. A 421a tax abatement is in place, and the property is identified as being within a qualified opportunity zone.
Located at 6020 3rd Avenue in Brooklyn, the property is near the 8th Avenue commercial corridor, Industry City, subway service, and major highways. The building is zoned R6B and constructed with brick and a flat roof. A 421a tax abatement is in place, and the property is identified as being within a qualified opportunity zone.
Key Highlights
- 53 residential units: 52 two‑bedroom units and 1 one‑bedroom unit
- 57,878 square feet on 0.4187 acres
- 30 on‑site parking spaces
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
$1,543,412
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
5.32%
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%
$30,868,240
$30.9M
Cap Rate 7%
$22,048,743
$22.0M
Cap Rate 9%
$17,149,022
$17.1M
Market Conditions
NOI Build-Up for 57,878 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
$2.92M $50.40/SF
− Vacancy
−$110.8K −$1.92/SF
EGI
$2.81M $48.48/SF
− OpEx
−$1.26M −$21.82/SF
NOI
$1.54M $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%
$30,868,240
Cap Rate 7%
$22,048,743
Cap Rate 9%
$17,149,022
Alternative Uses
Best Use
Apartment 5plus
$22.05M
$19.29M – $25.72M
NOI $1,543,412 @ 7.0% cap · market cap 5.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$37.52M
$32.83M – $43.77M
NOI $2,626,457 @ 7.0% cap · market cap 9.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
53
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,818
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 - Completed in 2022, the building combines residential units with street-level commercial space and elevator access.
Where is this apartment building located?
The property is located at 6020 3rd Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $29,000,000.
What are key features of this property?
This property features: 53 residential units: 52 two‑bedroom units and 1 one‑bedroom unit; 57,878 square feet on 0.4187 acres; 30 on‑site parking spaces
