6-Unit Apartment
For Sale
$1,950,000
76 Grove Avenue, Staten Island, NY 10302
C-2-zoned income property with updated building systems and on-site parking in Port Richmond.
Property Size3,780 SF
Days on Market33
Property Features for 76 Grove Avenue
General Information
Standard status
Active
Size
3,780 SF
Property subtype
Multi Family Home
Zoning
C-2
Building Details
Building Size
3,780 SF
Year Built
1987
Stories
3
Listing Agency:
Ditommaso Real Estate
(718) 667-8000
Listed By:
Hanan Abu Zahriyeh · License #10401291224
(718) 667-8000
Source:
Excellchoicerealty
Added: Jul 29
Changed: Aug 28
Last Checked: Aug 29 at 10:20AM
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 Ditommaso Real Estate
Investment Insights
Based on property information with market context.
This detached apartment property contains six residential units with 12 bedrooms and 7 bathrooms. The improvements include basement storage, dedicated quarters for an on-site property manager, and 4 off-street parking spaces. Plumbing and electrical systems have been updated, while tenants pay their own heat and hot water. The property was built in 1987 and is exempt from New York City’s Rent Stabilization Law and Lead Paint Law.
Located in Port Richmond at 76 Grove Avenue, the building carries C-2 zoning and includes 24-hour security. A gas piping inspection was completed in 2025, and no HPD or Department of Buildings violations are reported. The property is offered with an 8% cap rate and a current bed bug filing submitted.
Located in Port Richmond at 76 Grove Avenue, the building carries C-2 zoning and includes 24-hour security. A gas piping inspection was completed in 2025, and no HPD or Department of Buildings violations are reported. The property is offered with an 8% cap rate and a current bed bug filing submitted.
Key Highlights
- Six‑unit detached apartment building with 12 bedrooms and 7 bathrooms
- 8% cap rate with income‑producing residential units
- 4 off‑street parking spaces, basement storage, and manager’s quarters
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
$83,825
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
4.30%
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%
$1,676,500
$1.7M
Cap Rate 7%
$1,197,500
$1.2M
Cap Rate 9%
$931,389
$931.4K
Market Conditions
NOI Build-Up for 3,780 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
$158.8K $42.00/SF
− Vacancy
−$6.4K −$1.68/SF
EGI
$152.4K $40.32/SF
− OpEx
−$68.6K −$18.14/SF
NOI
$83.8K $22.18/SF
Area
Staten Island, NY
Vacancy
4.00%
Lease Rate
$42.00 /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%
$1,676,500
Cap Rate 7%
$1,197,500
Cap Rate 9%
$931,389
Alternative Uses
Best Use
Apartment 5plus
$1.20M
$1.05M – $1.40M
NOI $83,825 @ 7.0% cap · market cap 4.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.80M
$1.58M – $2.10M
NOI $126,253 @ 7.0% cap · market cap 6.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,277
Businesses Nearby
Explore this area
Business Placement
Demographics for 10302, NY
20,931
Population
6,927
Households
3
Avg Household Size
35
Median Age
29%
College-Educated
85%
High-School Grad
1.2 sq mi
ZIP Area
17,443
Density / Sq Mi
$76,089
Median Household Income
$43,608
Median Earnings
$1,800
Median Rent
$586,300
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 - C-2-zoned income property with updated building systems and on-site parking in Port Richmond.
Where is this apartment building located?
The property is located at 76 Grove Avenue Staten Island, NY.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: Six‑unit detached apartment building with 12 bedrooms and 7 bathrooms; 8% cap rate with income‑producing residential units; 4 off‑street parking spaces, basement storage, and manager’s quarters
