Three-Family Triplex with Private
For Sale
$1,199,000
115 Neptune Avenue, Brooklyn, NY 11235
MULTI_FAMILY - Brooklyn, NY
Property Size1,836 SF
Lot Size0.04 Acres
Price / SF$653.05
Days on Market134
Property Features for 115 Neptune Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6
Bedrooms
8
Bathrooms
5
Full bathrooms
3
Half bathrooms
2
Rooms
Bedroom 8, Bedroom 6, Bathroom 2, Bathroom 3, Bathroom 5, Bedroom 2, Bedroom 7, Bedroom 4, Bedroom 1, Bedroom 3, Bedroom 5, Bathroom 4, Bathroom 1
Interior features
Refrigerator, Stove
Basement
Finished, Full
Subdivision
Brighton Beach
Standard status
Active
Size
1,836 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
7943
Building Details
Year built
1915
Floors in Building
2
Number of units
3
Flooring type
Hardwood, Ceramic
Building materials
Brick, Wood Frame
Roof type
Flat
Listing Agency:
RE/MAX Real Estate Professiona
(718) 532-2000
Listed By:
Yeugene (Gina) Atayan · License #YA5913
(718) 532-2000
Added: Apr 15
Changed: Aug 14
Last Checked: Aug 26 at 6:06AM
MLS# 500525
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.
Located at 115 Neptune Avenue in Brooklyn, this renovated three-family triplex sits on a 0.0407-acre lot and is zoned R6. The building was constructed in 1915 and features brick and wood-frame construction with a flat roof.
The home provides two oversized three-bedroom, 1.5-bath units and one large two-bedroom, 1-bath unit. Interior finishes include ceramic and hardwood flooring, and in-unit appliances listed as a refrigerator and stove.
A private backyard offers outdoor space for tenants and residents, adding a practical amenity to the property’s three separate living units.
The home provides two oversized three-bedroom, 1.5-bath units and one large two-bedroom, 1-bath unit. Interior finishes include ceramic and hardwood flooring, and in-unit appliances listed as a refrigerator and stove.
A private backyard offers outdoor space for tenants and residents, adding a practical amenity to the property’s three separate living units.
Key Highlights
- 0.0407‑acre lot zoned R6
- Renovated three‑family triplex with private backyard
- Two oversized three‑bedroom, 1.5‑bath units and one large two‑bedroom, 1‑bath unit
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
$64,300
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
5.36%
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%
$1,286,000
$1.3M
Cap Rate 7%
$918,571
$918.6K
Cap Rate 9%
$714,444
$714.4K
Market Conditions
NOI Build-Up for 1,836 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
$93.6K $51.00/SF
− Vacancy
−$1.8K −$0.97/SF
EGI
$91.9K $50.03/SF
− OpEx
−$27.6K −$15.01/SF
NOI
$64.3K $35.02/SF
Area
Brooklyn, NY
Vacancy
1.90%
Lease Rate
$51.00 /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%
$1,286,000
Cap Rate 7%
$918,571
Cap Rate 9%
$714,444
Alternative Uses
Best Use
Multifamily LT 5
$918.6K
$803.8K – $1.07M
NOI $64,300 @ 7.0% cap · market cap 5.36%
Second Best
Apartment 5plus
$800.7K
$700.6K – $934.2K
NOI $56,051 @ 7.0% cap · market cap 4.67%
Theoretical Best
Specialty Retail
$1.52M
$1.33M – $1.77M
NOI $106,415 @ 7.0% cap · market cap 8.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
5,826
Businesses Nearby
Explore this area
Business Placement
Demographics for 11235, NY
88,482
Population
37,188
Households
2.4
Avg Household Size
44
Median Age
50%
College-Educated
90%
High-School Grad
2.5 sq mi
ZIP Area
35,393
Density / Sq Mi
$61,689
Median Household Income
$48,898
Median Earnings
$1,649
Median Rent
$723,900
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?
Triplex - Three-family triplex on an R6-zoned lot with a flat roof, brick and wood-frame construction, and a private backyard.
Where is this triplex located?
The property is located at 115 Neptune Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,199,000.
What are key features of this property?
This property features: 0.0407‑acre lot zoned R6; Renovated three‑family triplex with private backyard; Two oversized three‑bedroom, 1.5‑bath units and one large two‑bedroom, 1‑bath unit
