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    Rockaway Park Multifamily Investment Property Title is generated by Realmo AI

    204 Beach 102nd Street, Rockaway Park, NY 11694

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    Claim this Listing
    For Sale
    $1,199,000

    MULTI_FAMILY - Rockaway Park, NY

    Property size:
    2,931 SF
    Lot size:
    0.04 Acres
    Price / SF:
    $409/SF
    Added:
    Jan 23, 2026
    Days on Market:
    134
    Last Refresh:
    Jun 6 at 8:06 am

    Property Features for 204 Beach 102nd Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R5D
    Bathrooms
    4
    Rooms
    Bathroom 1, Bathroom 4, Bathroom 3, Bathroom 2
    Parking features
    Carport
    Interior features
    A/C Unit - Wall, Microwave, Refrigerator, Stove, Terrace
    Standard status
    Active
    Size
    2,931 SF
    Lot size
    0.04 Acres

    Taxes and HOA fees

    Tax Annual Amount
    6143

    Building Details

    Year built
    1988
    Floors in Building
    3
    Number of units
    4
    Flooring type
    Laminate, Tile
    Building materials
    Brick
    Roof type
    Flat

    We can help!

    Listing Contact
    George Zanetis

    Listing agent George Zanetis

    Listing office Zanetis Properties LLC 101-04 Shorefront Pkwy #25C, Rockaway, NY

    Listing date Jan 23, 2026

    MLS# 498589 Listing URL

    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.

    HighLights

    • High Income Potential: Annual rents close to $73,000.
    • Prime Location: One block to the beach and boardwalk with ocean views from upper terraces.
    • Convenient Transportation: Moments to A and S trains, express buses, and the Rockaway Ferry.
    • Tenant‑Paid Utilities: Tenants responsible for heat, hot water, and electric, reducing landlord expenses.
    • Versatile Property: Includes a renovated vacant front office, two 2‑bedroom units, and a studio with a private backyard and barn.
    • Large barn for storage.

    Overview

    This multifamily property in Rockaway Park, NY, presents an investment opportunity. The building features three units: two 2-bedroom, 1-bath apartments, and a studio apartment with its own backyard and a large barn for storage. Additionally, there is a renovated front office that is currently vacant. The property includes three boilers and three water heaters. Tenants are responsible for their own heat, hot water, and electric utilities. Located one block from the beach and boardwalk, the second and third floors offer ocean views from their terraces. The property is situated near the A and S trains, express buses, and the Rockaway Ferry, providing access to Sunset Park, Brooklyn, and Manhattan. The lot size is 0.0448 acres, and the property size is 2931 square feet. The zoning is R5D. The surrounding area features new construction.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $135.4k $46.20
    − Vacancy −$5.1k −$1.76
    EGI $130.3k $44.44
    − OpEx −$58.6k −$20.00
    NOI $71.6k $24.44
    2,931 SF · lease $46.20/SF/yr · vacancy 3.80% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $1.02M
    $895.6K – $1.19M (±1% cap)
    NOI $71,647 @ 7.0% cap · market cap 5.98%
    Second Best
    Multifamily LT 5
    $693.0K
    $606.4K – $808.6K (±1% cap)
    NOI $48,513 @ 7.0% cap · market cap 4.05%
    Theoretical Best
    Office A
    $2.16M
    $1.89M – $2.52M (±1% cap)
    NOI $151,254 @ 7.0% cap · market cap 12.62%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Rockaway Park
    County
    Queens
    State
    New York
    Longitude
    -73.822363
    Latitude
    40.583459

    Nearby Similar for Sale

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      2,624 SF

      Rockaway Park Multifamily Victorian Home

      Detached multifamily home in desirable beach town, income-generating property.
      249 Beach 117th Street, Rockaway Park, NY 11694
      View Details
    • $2,975,000
      9,800 SF

      Mixed-Use Building in Rockaway Park

      9,800 SF mixed-use building with retail and residential space.
      98-18 Rockaway Beach Blvd, Rockaway Park, NY
      View Details

    FAQs

    What type of property is this?
    Quadplex - Three-family building with renovated office, near beach and transportation.
    Where is this quadplex located?
    The property is located at 204 Beach 102nd Street Rockaway Park, 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: High Income Potential: Annual rents close to $73,000.; Prime Location: One block to the beach and boardwalk with ocean views from upper terraces.; Convenient Transportation: Moments to A and S trains, express buses, and the Rockaway Ferry.
    (516) 582-2192
    We can help!
    Listing Contact
    George Zanetis
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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