Well-Maintained Four Family
For Sale
$1,229,000
115 Ocean View Avenue, Brooklyn, NY 11235
Four family home with spacious units and outdoor space.
Property Size1,300 SF
Price / SF$945.38
Days on Market493
Property Features for 115 Ocean View Avenue
General Information
Standard status
Active
Size
1,300 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$20,000
Listing Agency:
Ilite Realty Inc
(718) 975-0555
Listed By:
Igor Libo
(718) 975-0555
Source:
Exitrealty
Added: Apr 23, 2025
Changed: Aug 25
Last Checked: Aug 28 at 8:10AM
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 Ilite Realty Inc
Investment Insights
Based on property information with market context.
This well-maintained, free market four family home is ideally situated right off Ocean Parkway. It features spacious 1, 2, and 3 bedroom units with smart layouts and outdoor space. Its prime location adds significant appeal and value, representing an exceptional opportunity. With its recent updates and versatile layout, it offers a combination of a home for a family and a profitable investment. The location has a bike score of 72, making it very bikeable, a walk score of 94, designating it as a walker's paradise, and a transit score of 97, classifying it as a rider's paradise.
Key Highlights
- Prime location right off Ocean Parkway.
- Free market four family home.
- High walk score (94) and transit score (97).
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
$45,528
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
3.70%
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%
$910,560
$910.6K
Cap Rate 7%
$650,400
$650.4K
Cap Rate 9%
$505,867
$505.9K
Market Conditions
NOI Build-Up for 1,300 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
$66.3K $51.00/SF
− Vacancy
−$1.3K −$0.97/SF
EGI
$65.0K $50.03/SF
− OpEx
−$19.5K −$15.01/SF
NOI
$45.5K $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%
$910,560
Cap Rate 7%
$650,400
Cap Rate 9%
$505,867
Alternative Uses
Best Use
Multifamily LT 5
$650.4K
$569.1K – $758.8K
NOI $45,528 @ 7.0% cap · market cap 3.70%
Second Best
Apartment 5plus
$567.0K
$496.1K – $661.5K
NOI $39,688 @ 7.0% cap · market cap 3.23%
Theoretical Best
Specialty Retail
$1.08M
$941.9K – $1.26M
NOI $75,348 @ 7.0% cap · market cap 6.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,023
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?
Quadplex - Four family home with spacious units and outdoor space.
Where is this quadplex located?
The property is located at 115 Ocean View Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,229,000.
What are key features of this property?
This property features: Prime location right off Ocean Parkway.; Free market four family home.; High walk score (94) and transit score (97).
