Brooklyn Multifamily Walk-Up
For Sale
Contact for pricing
662 Madison St, Brooklyn, NY 11221
Four-story multifamily property in Brooklyn, between Stuyvesant Avenue & Malcolm X Blvd.
Property Size10,160 SF
Price / SF$378.94
Days on Market1029
Property Features for 662 Madison St
General Information
Standard status
Active
Size
10,160 SF
Property subtype
Multifamily
Zoning
R6B
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$342,000
Building Details
Year Built
1931
Buildings
1
Stories
4
Units
8
Listing Agency:
Safdie Realty Group
Listed By:
Roni Yaghoobzar · License #NY 10401324145
Source:
Crexi
Added: Nov 16, 2023
Changed: Sep 4
Last Checked: Sep 9 at 7:21AM
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 Safdie Realty Group
Investment Insights
Based on property information with market context.
The property is a large, brick, four-story multifamily walk-up building. It is located on Madison Street in Brooklyn, New York, between Stuyvesant Avenue and Malcolm X Blvd. The property has a size of 10160 square feet.
Key Highlights
- Large brick 4‑story multifamily walk‑up property.
- Located in Brooklyn, NY.
- Located between Stuyvesant Avenue & Malcolm X Blvd.
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
$310,174
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
8.06%
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%
$6,203,480
$6.2M
Cap Rate 7%
$4,431,057
$4.4M
Cap Rate 9%
$3,446,378
$3.4M
Market Conditions
NOI Build-Up for 10,160 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
$575.5K $56.64/SF
− Vacancy
−$11.5K −$1.13/SF
EGI
$564.0K $55.51/SF
− OpEx
−$253.8K −$24.98/SF
NOI
$310.2K $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%
$6,203,480
Cap Rate 7%
$4,431,057
Cap Rate 9%
$3,446,378
Alternative Uses
Best Use
Apartment 5plus
$4.43M
$3.88M – $5.17M
NOI $310,174 @ 7.0% cap · market cap 8.06%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$8.41M
$7.36M – $9.81M
NOI $588,874 @ 7.0% cap · market cap 15.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
4,104
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 in Brooklyn, between Stuyvesant Avenue & Malcolm X Blvd.
Where is this apartment building located?
The property is located at 662 Madison St Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,850,000.
What are key features of this property?
This property features: Large brick 4‑story multifamily walk‑up property.; Located in Brooklyn, NY.; Located between Stuyvesant Avenue & Malcolm X Blvd.
