Renovated Two-Family
For Sale
$2,350,000
655 57th Street, Brooklyn, NY 11220
Brick construction, separate building systems, and a finished lower level with its own outside entry add functional flexibility.
Property Size3,000 SF
Lot Size0.05 Acres
Days on Market235
Property Features for 655 57th Street
General Information
Standard status
Active
Size
3,000 SF
Lot size
0.05 Acres
Property subtype
Multi Family Home
Zoning
R6b
Additional Details
Multifamily Units
2
Building Details
Building Size
3,000 SF
Construction
brick
Listing Agency:
Re/Max Edge
(718) 612-3088
Listed By:
Zaiyou (Joe) Zhu · License #ZYZ1615
(718) 612-3088
Source:
Excellchoicerealty
Added: Jan 8
Changed: Aug 28
Last Checked: Aug 29 at 10:22AM
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 Re/Max Edge
Investment Insights
Based on property information with market context.
This renovated two-family brick duplex combines updated infrastructure with a traditional exterior. Electrical wiring and plumbing systems have been replaced, and contemporary finishes are installed throughout the residence. The finished lower level includes a private exterior entrance, creating a distinct area for household use, guests, recreation, or other supported uses described for the property.
Each unit has its own heating and hot water system. The property occupies a 20×100 lot, with a 20×51 building footprint, and is located in an R6B zoning district with a 2.0 FAR. The lower-level configuration and separate systems provide clear physical distinctions between the living areas while retaining the character of a two-family home.
Each unit has its own heating and hot water system. The property occupies a 20×100 lot, with a 20×51 building footprint, and is located in an R6B zoning district with a 2.0 FAR. The lower-level configuration and separate systems provide clear physical distinctions between the living areas while retaining the character of a two-family home.
Key Highlights
- Renovated two‑family brick duplex
- New electrical wiring and plumbing systems
- Finished lower level with private exterior entrance
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
$89,324
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
3.80%
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%
$1,786,480
$1.8M
Cap Rate 7%
$1,276,057
$1.3M
Cap Rate 9%
$992,489
$992.5K
Market Conditions
NOI Build-Up for 3,000 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
$133.2K $44.40/SF
− Vacancy
−$5.6K −$1.86/SF
EGI
$127.6K $42.54/SF
− OpEx
−$38.3K −$12.76/SF
NOI
$89.3K $29.77/SF
Area
ZIP 11220
Vacancy
4.20%
Lease Rate
$44.40 /SF/Yr
Expense Ratio
30.00%
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%
$1,786,480
Cap Rate 7%
$1,276,057
Cap Rate 9%
$992,489
Alternative Uses
Best Use
Multifamily LT 5
$1.28M
$1.12M – $1.49M
NOI $89,324 @ 7.0% cap · market cap 3.80%
Second Best
Apartment 5plus
$1.14M
$1.00M – $1.33M
NOI $80,000 @ 7.0% cap · market cap 3.40%
Theoretical Best
Office A
$1.94M
$1.70M – $2.27M
NOI $136,138 @ 7.0% cap · market cap 5.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Brick construction, separate building systems, and a finished lower level with its own outside entry add functional flexibility.
Where is this duplex located?
The property is located at 655 57th Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: Renovated two‑family brick duplex; New electrical wiring and plumbing systems; Finished lower level with private exterior entrance
