16-Family Rent-Stabilized Apartment
For Sale
$3,888,000
923 64th Street, Brooklyn, NY 11229
Residential, Brooklyn, NY
Property Size3,560 SF
Lot Size0.09 Acres
Price / SF$1,092
Days on Market47
Property Features for 923 64th Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bathrooms
16
Full bathrooms
16
Rooms
Bathroom 10, Bathroom 15, Bathroom 11, Bathroom 16, Bathroom 5, Bathroom 6, Bathroom 7, Bathroom 14, Bathroom 2, Bathroom 8, Bathroom 4, Bathroom 3, Bathroom 12, Bathroom 9, Bathroom 13, Bathroom 1
Interior features
Refrigerator, Stove
Subdivision
Sunset Park
Standard status
Active
Size
3,560 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
45821
Building Details
Year built
1931
Floors in Building
4
Number of units
1
Flooring type
Parquet Wood, Tile
Building materials
Brick
Roof type
Rubber, Flat
Listing Agency:
Stroffolino Realty LLC
Listed By:
Ralph Stroffolino, Jr. . · License #RS6883
(718) 256-3800
Added: Aug 12
Changed: Sep 15
Last Checked: Sep 27 at 12:06PM
MLS# 503744
Copyright © 2026 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 16-family apartment building in Brooklyn was constructed in 1931 on a 0.0918-acre lot measuring 40 x 100 feet, with a structure measuring 40 x 89 feet. The 3,560-square-foot property is built of brick and features tile and parquet wood flooring, refrigerators, and stoves. Apartments are rent stabilized, and the building is maintained with upgraded electric service, straight-gas operation, and a separate hot water heater.
A live-in superintendent is part of the property configuration. The roof is flat and rubber-covered, while the building includes 16 bathrooms and is located at 923 64th Street in Brooklyn, NY 11229. The asset is offered as a multifamily apartment property with established residential use.
A live-in superintendent is part of the property configuration. The roof is flat and rubber-covered, while the building includes 16 bathrooms and is located at 923 64th Street in Brooklyn, NY 11229. The asset is offered as a multifamily apartment property with established residential use.
Key Highlights
- 16‑family rent‑stabilized apartment building
- 3,560‑square‑foot building on a 0.0918‑acre lot
- 40 x 100‑foot lot with a 40 x 89‑foot building footprint
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
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
16
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Brick multifamily property with upgraded electrical service, separate hot water equipment, and on-site superintendent quarters.
Where is this apartment building located?
The property is located at 923 64th Street 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; 3,560‑square‑foot building on a 0.0918‑acre lot; 40 x 100‑foot lot with a 40 x 89‑foot building footprint
