Renovated Triplex with Private
For Sale
$1,199,000
115 Neptune Avenue, Brooklyn, NY 11235
Residential, Brooklyn, NY
Property Size1,836 SF
Lot Size0.04 Acres
Price / SF$653.05
Days on Market170
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, Bathroom 1, Bedroom 3, Bathroom 4, Bathroom 2, Bedroom 6, Bathroom 5, Bedroom 4, Bedroom 2, Bedroom 7, Bedroom 1, Bedroom 5, Bathroom 3
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
Amenities
private backyard
Building Details
Year built
1915
Floors in Building
2
Number of units
3
Flooring type
Ceramic, Hardwood
Building materials
Brick, Wood Frame
Roof type
Flat
Listing Agency:
RE/MAX Real Estate Professiona
Listed By:
Yeugene (Gina) Atayan · License #YA5913
(718) 532-2000
Added: Apr 15
Changed: Sep 17
Last Checked: Oct 1 at 3:06PM
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.
This renovated triplex contains three residential units within a 1,836-square-foot property. The configuration includes two three-bedroom, 1.5-bath apartments and one two-bedroom, one-bath apartment. Interior features include hardwood and ceramic flooring, refrigerators, and stoves, with brick and wood-frame construction and a flat roof. A private backyard provides additional outdoor space.
The property sits at 115 Neptune Avenue in Brooklyn’s 11235 ZIP code, within the Brighton Beach and Sheepshead Bay area. Emmons Avenue Promenade, Manhattan Beach, Brighton Beach, dining, cafés, shopping, subway lines, and bus routes are identified in the surrounding context. The lot measures 0.0407 acres and is 25 feet wide, with R6 zoning.
The property sits at 115 Neptune Avenue in Brooklyn’s 11235 ZIP code, within the Brighton Beach and Sheepshead Bay area. Emmons Avenue Promenade, Manhattan Beach, Brighton Beach, dining, cafés, shopping, subway lines, and bus routes are identified in the surrounding context. The lot measures 0.0407 acres and is 25 feet wide, with R6 zoning.
Key Highlights
- Three‑unit residential configuration with two 3‑bedroom, 1.5‑bath units and one 2‑bedroom, 1‑bath unit
- 1,836 Square Feet of property size
- 0.0407‑acre lot with a 25 Feet wide Lot
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
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Renovated three-family property with two three-bedroom units, one two-bedroom unit, and outdoor space for private use.
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: Three‑unit residential configuration with two 3‑bedroom, 1.5‑bath units and one 2‑bedroom, 1‑bath unit; 1,836 Square Feet of property size; 0.0407‑acre lot with a 25 Feet wide Lot
