8-Unit Apartment
For Sale
$3,180,000
66 Patchen Avenue, Brooklyn, NY 11221
The four-story brick property has R6A zoning and sits near J and Z subway service.
Property Size8,800 SF
Price / SF$361.36
Days on Market138
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
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$14,579
Amenities
intercom system
dishwasher
separate AC/heat systems
Building Details
Building Size
8,800 SF
Year Built
1931
Year Renovated
2018
Buildings
1
Stories
4
Units
8
Construction
brick
Tenancy
Multi
Listing Agency:
Sany Realty Group LLC
(718) 799-0726
Listed By:
Xian Lin · License #1011513
(646) 591-3308
Source:
Croninreale
Added: Jun 10
Changed: Oct 23
Last Checked: Oct 23 at 9:51AM
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
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Investment Insights
Based on property information with market context.
This 8-unit, four-story brick apartment building was constructed in 1931 and contains 22 bedrooms and 13 bathrooms. All units are occupied, with five free-market units and three rent-stabilized units. Five free-market units received full interior renovations, and the common areas were updated. Improvements also include a roof installed around 2018, a new intercom, updated kitchens with dishwashers, and separate heating and air-conditioning systems.
The property is on Patchen Avenue in Brooklyn, between Bushwick and Bedford-Stuyvesant, near J and Z subway stations. The building measures 30 by 73.33 feet and is zoned R6A. The stated cap rate is approximately 7%.
The property is on Patchen Avenue in Brooklyn, between Bushwick and Bedford-Stuyvesant, near J and Z subway stations. The building measures 30 by 73.33 feet and is zoned R6A. The stated cap rate is approximately 7%.
Key Highlights
- 8 apartments with 22 bedrooms and 13 bathrooms
- All units occupied: 5 free‑market and 3 rent‑stabilized
- Five free‑market units received full interior renovations
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$268,655
Cap Rate
8.45%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
8
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,144
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - The four-story brick property has R6A zoning and sits near J and Z subway service.
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 apartments with 22 bedrooms and 13 bathrooms; All units occupied: 5 free‑market and 3 rent‑stabilized; Five free‑market units received full interior renovations
