Six-Family Apartment
For Sale
$1,750,000
641 56th Street, Brooklyn, NY 11220
Residential, Brooklyn, NY
Property Size4,680 SF
Lot Size0.06 Acres
Price / SF$373.93
Days on Market94
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
Bedroom 12, Bedroom 4, Bathroom 6, Bedroom 5, Bedroom 3, Bedroom 11, Bedroom 1, Bathroom 1, Bathroom 5, Bedroom 13, Bedroom 10, Bathroom 7, Bathroom 2, Bathroom 4, Bedroom 6, Bedroom 8, Bedroom 2, Bedroom 7, Bathroom 3, Bedroom 15, Bedroom 9, Bedroom 14
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
Hardwood, Tile
Building materials
Brick
Roof type
Flat
Listing Agency:
RE/MAX Edge · RE/MAX International
(718) 612-3088
Listed By:
Jason Zhou · License #JZ1320
(347) 988-5318
Added: Jun 16
Changed: Sep 16
Last Checked: Sep 17 at 11:06PM
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 six-family brick apartment building contains three three-bedroom residences and three two-bedroom residences within 4,680 square feet. The structure measures 25 feet by 72 feet on a 25-by-100-foot lot and includes a full basement with its own front entrance. Interior features include hardwood and tile flooring, window A/C units, refrigerators, and stoves. Built in 1924, the property has a flat roof and R6B zoning.
Separate gas boilers and hot water heaters support individual tenant payment of heat, hot water, and cooking gas. Three apartments are occupied by the owner or employees, while the remaining units provide established residential occupancy. The property is located near shopping, restaurants, schools, and transportation in Brooklyn’s 11220 postal area.
Separate gas boilers and hot water heaters support individual tenant payment of heat, hot water, and cooking gas. Three apartments are occupied by the owner or employees, while the remaining units provide established residential occupancy. The property is located near shopping, restaurants, schools, and transportation in Brooklyn’s 11220 postal area.
Key Highlights
- Six‑family building with three three‑bedroom and three two‑bedroom apartments
- 4,680 square feet on a 0.0575‑acre lot
- 25' × 72' building on a 25' × 100' lot
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
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Current Use
Lease Details
6
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Brick multifamily property with a balanced two- and three-bedroom apartment mix, full basement, and separately metered building systems.
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: Six‑family building with three three‑bedroom and three two‑bedroom apartments; 4,680 square feet on a 0.0575‑acre lot; 25' × 72' building on a 25' × 100' lot
