43-Unit Brick Apartment
For Sale
$10,800,000
646-662 Port Richmond Avenue, Staten Island, NY 10302
Residential, Staten Island, NY
Property Size27,152 SF
Lot Size0.74 Acres
Price / SF$397.76
Days on Market186
Property Features for 646-662 Port Richmond Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R3A
Bedrooms
43
Bathrooms
43
Full bathrooms
43
Half bathrooms
1
Rooms
Bedroom 8, Bathroom 14, Bathroom 42, Bedroom 18, Bedroom 30, Bathroom 2, Bathroom 21, Bedroom 27, Bathroom 1, Bathroom 27, Bathroom 18, Bathroom 3, Bathroom 28, Bedroom 9, Bedroom 19, Bathroom 41, Bathroom 32, Bedroom 3, Bedroom 17, Bathroom 24, Bathroom 23, Bathroom 39, Bedroom 7, Bedroom 6, Bathroom 10, Bedroom 5, Bathroom 38, Bedroom 42, Bedroom 23, Bedroom 11, Bedroom 4, Bedroom 13, Bathroom 40, Bathroom 15, Bedroom 24, Bathroom 19, Bedroom 41, Bedroom 15, Bathroom 25, Bathroom 7, Bedroom 32, Bedroom 1, Bedroom 38, Bedroom 35, Bedroom 26, Bathroom 33, Bedroom 16, Bedroom 2, Bathroom 6, Bedroom 39, Bathroom 4, Bedroom 34, Bathroom 8, Bathroom 37, Bedroom 43, Bathroom 34, Bedroom 22, Bedroom 29, Bedroom 33, Bedroom 14, Bedroom 37, Bathroom 20, Bathroom 31, Bathroom 36, Bathroom 26, Bathroom 30, Bathroom 17, Bathroom 43, Bedroom 25, Bedroom 40, Bathroom 13, Bathroom 22, Bedroom 21, Bathroom 12, Bedroom 10, Bedroom 28, Bedroom 36, Bathroom 29, Bathroom 5, Bathroom 9, Bathroom 16, Bedroom 31, Bathroom 35, Bathroom 11, Bedroom 12, Bedroom 20
Interior features
Laundry Area
Basement
Full
Subdivision
Port Richmond
Standard status
Active
Size
27,152 SF
Lot size
0.74 Acres
Taxes and HOA fees
Tax Annual Amount
133323
Amenities
laundry area
Building Details
Year built
1971
Floors in Building
3
Flooring type
Hardwood
Building materials
Brick
Roof type
Shingle
Listing Agency:
Neuhaus Realty Inc.
(718) 979-3400
Listed By:
Giovanna Cardinale · License #40CA1050108
(732) 946-2911
Added: Mar 30
Changed: Sep 15
Last Checked: Oct 1 at 11:06AM
MLS# 500048
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 43-unit apartment building in Staten Island was constructed in 1971 with all-brick exterior walls and a U-shaped garden-style layout. The 27,152-square-foot property includes 13 two-bedroom apartments, 17 one-bedroom apartments, 12 studio apartments, and one first-floor office. A 6,000-square-foot basement provides laundry space and additional building area. The property occupies a 0.7388-acre lot measuring 200 feet by 180 feet and includes 39 parking spaces.
Recent capital improvements include a roof installed 3 years ago and a state-of-the-art heating system installed 6 years ago. The property is zoned R3A and is located at 646-662 Port Richmond Avenue in the Port Richmond neighborhood. Shopping and city bus service to Brooklyn, Manhattan, and Staten Island Mall are located outside the property.
Recent capital improvements include a roof installed 3 years ago and a state-of-the-art heating system installed 6 years ago. The property is zoned R3A and is located at 646-662 Port Richmond Avenue in the Port Richmond neighborhood. Shopping and city bus service to Brooklyn, Manhattan, and Staten Island Mall are located outside the property.
Key Highlights
- 43‑unit apartment building with 13 two‑bedroom, 17 one‑bedroom, and 12 studio apartments
- 27,152‑square‑foot all‑brick building on a 0.7388‑acre lot
- 39 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
$602,123
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
5.58%
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%
$12,042,460
$12.0M
Cap Rate 7%
$8,601,757
$8.6M
Cap Rate 9%
$6,690,256
$6.7M
Market Conditions
NOI Build-Up for 27,152 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
$1.14M $42.00/SF
− Vacancy
−$45.6K −$1.68/SF
EGI
$1.09M $40.32/SF
− OpEx
−$492.6K −$18.14/SF
NOI
$602.1K $22.18/SF
Area
Staten Island, NY
Vacancy
4.00%
Lease Rate
$42.00 /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%
$12,042,460
Cap Rate 7%
$8,601,757
Cap Rate 9%
$6,690,256
Alternative Uses
Best Use
Apartment 5plus
$8.60M
$7.53M – $10.04M
NOI $602,123 @ 7.0% cap · market cap 5.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$12.96M
$11.34M – $15.11M
NOI $906,883 @ 7.0% cap · market cap 8.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
42
Residential units
Location Intelligence
Trade Area within ½ mile
1,562
Businesses Nearby
Explore this area
Business Placement
Demographics for 10302, NY
20,931
Population
6,927
Households
3
Avg Household Size
35
Median Age
29%
College-Educated
85%
High-School Grad
1.2 sq mi
ZIP Area
17,443
Density / Sq Mi
$76,089
Median Household Income
$43,608
Median Earnings
$1,800
Median Rent
$586,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - R3A-zoned residential property with varied apartment layouts, a dedicated office, laundry facilities, and on-site parking.
Where is this apartment building located?
The property is located at 646-662 Port Richmond Avenue Staten Island, NY.
What is the asking price?
The asking price for this property is $10,800,000.
What are key features of this property?
This property features: 43‑unit apartment building with 13 two‑bedroom, 17 one‑bedroom, and 12 studio apartments; 27,152‑square‑foot all‑brick building on a 0.7388‑acre lot; 39 on‑site parking spaces
