8-Unit Brick Apartment
For Sale
$3,180,000
66 Patchen Avenue, Brooklyn, NY 11221
Four-story multifamily property with occupied units, updated common areas, and separate heating and cooling systems.
Property Size8,800 SF
Days on Market83
Property Features for 66 Patchen Avenue
General Information
Standard status
Active
Size
8,800 SF
Property subtype
Commercial
Zoning
R6A
Occupancy
100%
Net Operating Income
$222,340
Financials
Cap Rate
7%
Gross Income
$265,640
Additional Details
Public Transit
Yes
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$14,579
Amenities
intercom system
Building Details
Building Size
8,800 SF
Year Built
1931
Buildings
1
Stories
4
Units
8
Construction
brick
Tenancy
Multi
Listing Agency:
Sany Realty Group LLC
(646) 591-3308
Listed By:
Xian Lin · License #1011513
(646) 591-3308
Source:
Maurafinnegan
Added: Jun 10
Changed: Aug 28
Last Checked: Aug 29 at 10:18AM
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 Sany Realty Group LLC
Investment Insights
Based on property information with market context.
This four-story brick apartment building contains 8 units, 22 bedrooms, and 13 bathrooms. All units are occupied, with 5 free-market apartments and 3 rent-stabilized units. Five free-market apartments were fully gut renovated, and the property received a new roof around 2018. Additional improvements include refreshed common areas, a new intercom system, kitchens with dishwashers, and separate AC and heat systems. The building measures 30 x 73.33 and was constructed in 1931.
Located near the J and Z subway station, the property sits between Bushwick and Bedford-Stuyvesant. R6A zoning applies. The reported cap rate is around 7%.
Located near the J and Z subway station, the property sits between Bushwick and Bedford-Stuyvesant. R6A zoning applies. The reported cap rate is around 7%.
Key Highlights
- 8‑unit apartment building with 22 bedrooms and 13 bathrooms
- Four‑story brick construction completed in 1931
- All units occupied: 5 free‑market and 3 rent‑stabilized
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
$268,655
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
8.45%
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%
$5,373,100
$5.4M
Cap Rate 7%
$3,837,929
$3.8M
Cap Rate 9%
$2,985,056
$3.0M
Market Conditions
NOI Build-Up for 8,800 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
$498.4K $56.64/SF
− Vacancy
−$10.0K −$1.13/SF
EGI
$488.5K $55.51/SF
− OpEx
−$219.8K −$24.98/SF
NOI
$268.7K $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%
$5,373,100
Cap Rate 7%
$3,837,929
Cap Rate 9%
$2,985,056
Alternative Uses
Best Use
Apartment 5plus
$3.84M
$3.36M – $4.48M
NOI $268,655 @ 7.0% cap · market cap 8.45%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$7.29M
$6.38M – $8.50M
NOI $510,048 @ 7.0% cap · market cap 16.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,144
Businesses Nearby
Explore this area
Business Placement
Demographics for 11221, NY
89,222
Population
38,690
Households
2.3
Avg Household Size
33
Median Age
42%
College-Educated
84%
High-School Grad
1.4 sq mi
ZIP Area
63,730
Density / Sq Mi
$85,122
Median Household Income
$49,202
Median Earnings
$2,055
Median Rent
$1,061,400
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 - Four-story multifamily property with occupied units, updated common areas, and separate heating and cooling systems.
Where is this apartment building located?
The property is located at 66 Patchen Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,180,000.
What are key features of this property?
This property features: 8‑unit apartment building with 22 bedrooms and 13 bathrooms; Four‑story brick construction completed in 1931; All units occupied: 5 free‑market and 3 rent‑stabilized
