Renovated Triplex with Private
For Sale
Contact for pricing
115 Neptune Ave, Brooklyn, NY 11235
Legal three-family property with flexible layouts, R6 zoning, and outdoor space for residents.
Property Size1,836 SF
Price / SF$653.05
Days on Market24
Property Features for 115 Neptune Ave
General Information
Standard status
Active
Size
1,836 SF
Property subtype
Multifamily
Zoning
R6
Units
Unit Mix
2 x 3BR/1.5BA, 1 x 2BR/1BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Amenities
private backyard
Building Details
Year Built
1915
Buildings
1
Stories
2
Units
3
Listing Agency:
RE/MAX Real Estate Professionals
Listed By:
Yeugene (Gina) Atayan · License #New York
(718) 532-2000
Source:
Crexi
Added: Aug 15
Changed: Sep 2
Last Checked: Sep 4 at 7:53PM
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 RE/MAX Real Estate Professionals
Investment Insights
Based on property information with market context.
Located at 115 Neptune Ave in Brooklyn, this renovated legal three-family property offers a defined unit mix and private outdoor space. The configuration includes two three-bedroom, 1.5-bath apartments and one two-bedroom, one-bath apartment, providing varied residential layouts within the property. The home has a 25-foot-wide lot, R6 zoning, a 1,836 property size, and a 1915 construction date.
The property sits near the boundary of Brighton Beach and Sheepshead Bay, with the Emmons Avenue Promenade nearby. Manhattan Beach and Brighton Beach are also within the surrounding area, along with dining, cafes, and shopping along Emmons and Brighton Beach Avenues. Nearby subway lines and bus routes provide public transportation access.
The property sits near the boundary of Brighton Beach and Sheepshead Bay, with the Emmons Avenue Promenade nearby. Manhattan Beach and Brighton Beach are also within the surrounding area, along with dining, cafes, and shopping along Emmons and Brighton Beach Avenues. Nearby subway lines and bus routes provide public transportation access.
Key Highlights
- Renovated legal three‑family property
- Unit mix includes two 3‑bedroom, 1.5‑bath units and one 2‑bedroom, 1‑bath unit
- Private backyard included
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 - Legal three-family property with flexible layouts, R6 zoning, and outdoor space for residents.
Where is this triplex located?
The property is located at 115 Neptune Ave 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: Renovated legal three‑family property; Unit mix includes two 3‑bedroom, 1.5‑bath units and one 2‑bedroom, 1‑bath unit; Private backyard included
