Four-Family Brick Residential
For Sale
$2,950,000
945 59th St, Brooklyn, NY 11219
Attached brick four-family with a finished basement and separately supplied heat and hot water for comfortable, manageable living spaces.
Property Size6,000 SF
Days on Market57
Property Features for 945 59th St
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$14,782
Building Details
Building Size
6,000 SF
Year Built
1990
Stories
3
Listing Agency:
Tiger Realty
(917) 708-9966
Listed By:
Hang (Tyler) Chen · License #HC3855
(917) 708-9966
Source:
Elliman
Added: Jul 1
Changed: Aug 23
Last Checked: Aug 25 at 10:45AM
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 Tiger Realty
Investment Insights
Based on property information with market context.
This attached, 3.5-story above-ground brick four-family building includes a full finished basement for additional usable space. The ground-floor unit (1FL) features 2 bedrooms and 2 bathrooms. The 2nd, 3rd, and 4th floors are each configured with 3 bedrooms and 2 bathrooms, offering consistent, tenant-friendly layouts across the upper levels. Heat and hot water are separately supplied, which can simplify building operations and support independent comfort for each residence.
Located near shopping, restaurants, schools, parks, and public transportation, the property is positioned for everyday convenience. The provided Walk Score, Bike Score, and Transit Score indicate strong walkability and transit access, which may support tenant preference for a connected lifestyle.
As a for-sale investment or owner-occupied property, the building’s unit mix—from a 2-bedroom/2-bath ground-floor home to three-bedroom/2-bath upper units—can appeal to a range of household needs. The finished basement adds flexibility for storage, recreation, or other interior uses depending on each tenant’s arrangements. Separate heat and hot water services further support a straightforward approach to managing day-to-day living requirements.
Located near shopping, restaurants, schools, parks, and public transportation, the property is positioned for everyday convenience. The provided Walk Score, Bike Score, and Transit Score indicate strong walkability and transit access, which may support tenant preference for a connected lifestyle.
As a for-sale investment or owner-occupied property, the building’s unit mix—from a 2-bedroom/2-bath ground-floor home to three-bedroom/2-bath upper units—can appeal to a range of household needs. The finished basement adds flexibility for storage, recreation, or other interior uses depending on each tenant’s arrangements. Separate heat and hot water services further support a straightforward approach to managing day-to-day living requirements.
Key Highlights
- Attached brick 4‑family built in 1990 with a full finished basement
- 3.5‑story above‑ground building on a 20x100 lot, totaling 20x75 building size
- Unit mix: 1st floor has 2 beds/2 baths; 2nd, 3rd, and 4th floors each have 3 beds/2 baths
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
$173,275
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
5.87%
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%
$3,465,500
$3.5M
Cap Rate 7%
$2,475,357
$2.5M
Cap Rate 9%
$1,925,278
$1.9M
Market Conditions
NOI Build-Up for 6,000 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
$259.2K $43.20/SF
− Vacancy
−$11.7K −$1.94/SF
EGI
$247.5K $41.26/SF
− OpEx
−$74.3K −$12.38/SF
NOI
$173.3K $28.88/SF
Area
ZIP 11219
Vacancy
4.50%
Lease Rate
$43.20 /SF/Yr
Expense Ratio
30.00%
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%
$3,465,500
Cap Rate 7%
$2,475,357
Cap Rate 9%
$1,925,278
Alternative Uses
Best Use
Multifamily LT 5
$2.48M
$2.17M – $2.89M
NOI $173,275 @ 7.0% cap · market cap 5.87%
Second Best
Apartment 5plus
$2.22M
$1.94M – $2.59M
NOI $155,541 @ 7.0% cap · market cap 5.27%
Theoretical Best
Office A
$3.89M
$3.40M – $4.54M
NOI $272,275 @ 7.0% cap · market cap 9.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
7,482
Businesses Nearby
Explore this area
Business Placement
Demographics for 11219, NY
103,447
Population
27,973
Households
3.7
Avg Household Size
27
Median Age
21%
College-Educated
70%
High-School Grad
1.5 sq mi
ZIP Area
68,965
Density / Sq Mi
$55,685
Median Household Income
$30,647
Median Earnings
$1,678
Median Rent
$1,086,000
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?
Quadplex - Attached brick four-family with a finished basement and separately supplied heat and hot water for comfortable, manageable living spaces.
Where is this quadplex located?
The property is located at 945 59th St Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: Attached brick 4‑family built in 1990 with a full finished basement; 3.5‑story above‑ground building on a 20x100 lot, totaling 20x75 building size; Unit mix: 1st floor has 2 beds/2 baths; 2nd, 3rd, and 4th floors each have 3 beds/2 baths
