Two-Building Apartment
New
For Sale
$7,200,000
643 Sheffield Ave, Brooklyn, NY 11207
Recently built multifamily asset with brick construction, separate utilities, and a diverse apartment mix.
Property Size12,586 SF
Days on Market4
Property Features for 643 Sheffield Ave
General Information
Standard status
Active
Size
12,586 SF
Property subtype
Commercial
Units
Unit Mix
14 x 2BR, 2 x 1BR
Multifamily Units
16
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$8,987
Building Details
Building Size
12,586 SF
Year Built
2020
Buildings
2
Units
16
Construction
brick
Listing Agency:
Property Professionals Realty
(917) 293-9886
Listed By:
Sarbdeep Singh
(917) 293-9886
Source:
Elliman
Added: Aug 15
Changed: Aug 18
Last Checked: Aug 18 at 9:37AM
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 Property Professionals Realty
Investment Insights
Based on property information with market context.
This multifamily offering comprises two matching apartment buildings completed in 2020. Together, the buildings contain 16 apartments, including 14 two-bedroom units and 2 one-bedroom units. Solid brick facades and separately metered utilities are among the property’s stated physical features. The buildings may also be acquired individually.
The property is located at 643 Sheffield Ave in Brooklyn, NY 11207, within walking distance of three trains at Pennsylvania Avenue and the L train at New Lots Avenue. Reported mobility scores include a 90 Walk Score, 100 Transit Score, and 73 Bike Score. The property also carries approximately 29 years of tax abatement.
The property is located at 643 Sheffield Ave in Brooklyn, NY 11207, within walking distance of three trains at Pennsylvania Avenue and the L train at New Lots Avenue. Reported mobility scores include a 90 Walk Score, 100 Transit Score, and 73 Bike Score. The property also carries approximately 29 years of tax abatement.
Key Highlights
- 16 apartments across two identical buildings
- Unit mix includes 14 two bedroom units and 2 one bedroom unit
- Built in 2020 with solid brick facades
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
$384,237
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
5.34%
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%
$7,684,740
$7.7M
Cap Rate 7%
$5,489,100
$5.5M
Cap Rate 9%
$4,269,300
$4.3M
Market Conditions
NOI Build-Up for 12,586 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
$712.9K $56.64/SF
− Vacancy
−$14.3K −$1.13/SF
EGI
$698.6K $55.51/SF
− OpEx
−$314.4K −$24.98/SF
NOI
$384.2K $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%
$7,684,740
Cap Rate 7%
$5,489,100
Cap Rate 9%
$4,269,300
Alternative Uses
Best Use
Apartment 5plus
$5.49M
$4.80M – $6.40M
NOI $384,237 @ 7.0% cap · market cap 5.34%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$10.42M
$9.12M – $12.16M
NOI $729,485 @ 7.0% cap · market cap 10.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
3,308
Businesses Nearby
Explore this area
Business Placement
Demographics for 11207, NY
100,330
Population
38,030
Households
2.6
Avg Household Size
35
Median Age
19%
College-Educated
81%
High-School Grad
2.7 sq mi
ZIP Area
37,159
Density / Sq Mi
$55,419
Median Household Income
$41,008
Median Earnings
$1,443
Median Rent
$657,400
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 - Recently built multifamily asset with brick construction, separate utilities, and a diverse apartment mix.
Where is this apartment building located?
The property is located at 643 Sheffield Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $7,200,000.
What are key features of this property?
This property features: 16 apartments across two identical buildings; Unit mix includes 14 two bedroom units and 2 one bedroom unit; Built in 2020 with solid brick facades
