6-Family Apartment Building with Separate Basement
For Sale
$1,750,000
641 56th Street, Brooklyn, NY 11220
MULTI_FAMILY - Brooklyn, NY
Property Size4,680 SF
Lot Size0.06 Acres
Price / SF$373.93
Days on Market54
Property Features for 641 56th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6B
Bedrooms
15
Bathrooms
7
Full bathrooms
7
Rooms
Bathroom 7, Bedroom 5, Bedroom 9, Bedroom 12, Bathroom 3, Bedroom 1, Bedroom 8, Bedroom 15, Bedroom 6, Bathroom 6, Bathroom 1, Bedroom 2, Bedroom 4, Bedroom 3, Bathroom 4, Bedroom 11, Bedroom 10, Bedroom 7, Bedroom 14, Bathroom 5, Bathroom 2, Bedroom 13
Interior features
A/C Unit - Window, Refrigerator, Stove
Basement
Full
Subdivision
Sunset Park
Standard status
Active
Size
4,680 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
23526
Building Details
Year built
1924
Floors in Building
3
Flooring type
Tile, Hardwood
Building materials
Brick
Roof type
Flat
Listing Agency:
RE/MAX Edge · RE/MAX International
(718) 612-3088
Listed By:
Jason Zhou · License #JZ1320
(718) 612-3088
Added: Jun 16
Changed: Aug 4
Last Checked: Aug 8 at 8:06AM
MLS# 502186
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 brick 6-family apartment building was built in 1924 and sits on a 0.0575-acre lot, totaling 4,680 square feet. The building includes three three-bedroom apartments and three two-bedroom apartments, with a full basement that has a separate front entrance. A flat roof tops the structure.
Individual gas boilers and hot water heaters are provided for tenants, allowing tenants to pay their own heat, hot water, and cooking gas. The property includes window A/C units, along with interior finishes such as tile and hardwood flooring, and kitchen appliances including refrigerators and stoves.
The property is located in Brooklyn’s 11220 area and is described as being convenient to shopping, restaurants, schools, and transportation.
Individual gas boilers and hot water heaters are provided for tenants, allowing tenants to pay their own heat, hot water, and cooking gas. The property includes window A/C units, along with interior finishes such as tile and hardwood flooring, and kitchen appliances including refrigerators and stoves.
The property is located in Brooklyn’s 11220 area and is described as being convenient to shopping, restaurants, schools, and transportation.
Key Highlights
- R6B‑zoned 6‑family brick apartment building with flat roof
- 0.0575‑acre lot and 4,680 SF building size
- Three 3‑bedroom apartments and three 2‑bedroom apartments
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
$124,800
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
7.13%
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%
$2,496,000
$2.5M
Cap Rate 7%
$1,782,857
$1.8M
Cap Rate 9%
$1,386,667
$1.4M
Market Conditions
NOI Build-Up for 4,680 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
$235.9K $50.40/SF
− Vacancy
−$9.0K −$1.92/SF
EGI
$226.9K $48.48/SF
− OpEx
−$102.1K −$21.82/SF
NOI
$124.8K $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%
$2,496,000
Cap Rate 7%
$1,782,857
Cap Rate 9%
$1,386,667
Alternative Uses
Best Use
Apartment 5plus
$1.78M
$1.56M – $2.08M
NOI $124,800 @ 7.0% cap · market cap 7.13%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.03M
$2.65M – $3.54M
NOI $212,375 @ 7.0% cap · market cap 12.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
7,331
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - R6B-zoned six-unit apartment building with brick construction and separate front entrance to a full basement.
Where is this apartment building located?
The property is located at 641 56th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: R6B‑zoned 6‑family brick apartment building with flat roof; 0.0575‑acre lot and 4,680 SF building size; Three 3‑bedroom apartments and three 2‑bedroom apartments
