16-Unit Rent-Stabilized Apartment
New
For Sale
$3,888,000
923 64th St, Brooklyn, NY 11229
Rent-stabilized multifamily property with upgraded electrical service and separate hot water equipment.
Property Size3,560 SF
Lot Size0.09 Acres
Days on Market2
Property Features for 923 64th St
General Information
Standard status
Active
Size
3,560 SF
Lot size
0.09 Acres
Property subtype
Multi Family
Net Operating Income
$169,000
Additional Details
Gross Income
$270,000
Utilities to Site
Yes
Multifamily Units
16
Taxes and HOA fees
Annual Taxes
$45,821
Building Details
Building Size
3,560 SF
Year Built
1931
Stories
4
Listing Agency:
Stroffolino Realty LLC
(718) 256-3800
Listed By:
Ralph Stroffolino, Jr. . · License #LS9038
(718) 256-3800
Source:
Elliman
Added: Aug 13
Changed: Aug 14
Last Checked: Aug 14 at 3:18AM
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 Stroffolino Realty LLC
Investment Insights
Based on property information with market context.
This 16-family apartment building dates to 1931 and occupies a 40 x 100 lot, with a building measuring 40 x 89. The property is rent stabilized and operates with straight-gas service, separate hot water equipment, and upgraded electric. A live-in superintendent is part of the building configuration.
Located at 923 64th St in Brooklyn, the property benefits from strong walkability, cycling access, and transit connectivity. Its Walk Score is 95, Transit Score is 95, and Bike Score is 76. The property is presented as a multifamily asset with established building systems and on-site residential management.
Located at 923 64th St in Brooklyn, the property benefits from strong walkability, cycling access, and transit connectivity. Its Walk Score is 95, Transit Score is 95, and Bike Score is 76. The property is presented as a multifamily asset with established building systems and on-site residential management.
Key Highlights
- 16‑family rent‑stabilized apartment building
- 40 x 100 lot with a 40 x 89 building
- Built in 1931
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
$108,683
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
2.80%
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%
$2,173,660
$2.2M
Cap Rate 7%
$1,552,614
$1.6M
Cap Rate 9%
$1,207,589
$1.2M
Market Conditions
NOI Build-Up for 3,560 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
$201.6K $56.64/SF
− Vacancy
−$4.0K −$1.13/SF
EGI
$197.6K $55.51/SF
− OpEx
−$88.9K −$24.98/SF
NOI
$108.7K $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%
$2,173,660
Cap Rate 7%
$1,552,614
Cap Rate 9%
$1,207,589
Alternative Uses
Best Use
Apartment 5plus
$1.55M
$1.36M – $1.81M
NOI $108,683 @ 7.0% cap · market cap 2.80%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.95M
$2.58M – $3.44M
NOI $206,338 @ 7.0% cap · market cap 5.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
6,283
Businesses Nearby
Explore this area
Business Placement
Demographics for 11229, NY
83,669
Population
33,353
Households
2.5
Avg Household Size
40
Median Age
41%
College-Educated
88%
High-School Grad
2.0 sq mi
ZIP Area
41,835
Density / Sq Mi
$72,556
Median Household Income
$52,948
Median Earnings
$1,666
Median Rent
$812,200
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?
Apartment building - Rent-stabilized multifamily property with upgraded electrical service and separate hot water equipment.
Where is this apartment building located?
The property is located at 923 64th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,888,000.
What are key features of this property?
This property features: 16‑family rent‑stabilized apartment building; 40 x 100 lot with a 40 x 89 building; Built in 1931
