Building Details

Building Size 1,500 SF

Year Built 1905

Units 2

Listing Agency: Remax Real Estate Professionals

Listed By: Billy Apter · License #BEA5721 Show Phone

Source: Elliman

Added: Nov 27, 2025 Changed: Oct 2 Last Checked: Oct 5 at 7:29PM

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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 Remax Real Estate Professionals

Investment Insights

Based on property information with market context.

A multifamily property located in Brooklyn, New York, is available for sale. The property is situated at 650 51st St 1, Brooklyn, New York 11220. The list price is $799000.

Key Highlights

• Year Built: 1905

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$40,000

Cap Rate

5.01%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$800,000 $800.0K

Cap Rate 7%

$571,429 $571.4K

Cap Rate 9%

$444,444 $444.4K

Market Conditions

NOI Build-Up for 1,500 SF

Gross rent

$75.6K $50.40/SF

− Vacancy

−$2.9K −$1.92/SF

EGI

$72.7K $48.48/SF

− OpEx

−$32.7K −$21.82/SF

NOI

$40.0K $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 Rate 5%

$800,000

Cap Rate 7%

$571,429

Cap Rate 9%

$444,444

Alternative Uses

Best Use

Apartment 5plus

$571.4K

$500.0K – $666.7K (±1% cap)

NOI $40,000 @ 7.0% cap · market cap 5.01%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$972.4K

$850.9K – $1.13M (±1% cap)

NOI $68,069 @ 7.0% cap · market cap 8.52%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Real Estate Agency Law Firm Parking Lot & Garage Gym & Fitness Center Nursing Home Veterinary Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

2,753

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this apartment buildings located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Apartment building - Multifamily property in Brooklyn available for purchase.

Where is this apartment building located?

The property is located at 650 51st St 1 Brooklyn, NY.

What is the asking price?

The asking price for this property is $799,000.

What are key features of this property?

This property features: Year Built: 1905