Development Site Near Coney
For Sale
$2,498,000
1412 Neptune Ave, Brooklyn, NY 11224
Two-family home on a development site near the beach.
Property Size2,508 SF
Lot Size0.07 Acres
Days on Market276
Property Features for 1412 Neptune Ave
General Information
Standard status
Active
Size
2,508 SF
Lot size
0.07 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$3,500
Building Details
Building Size
2,508 SF
Year Built
1930
Stories
2
Listing Agency:
Realty First Residential
(718) 758-5838
Listed By:
Anthony Frazzetta · License #KNM9509
(718) 758-5838
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 21
Last Checked: Aug 30 at 10:23PM
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 Realty First Residential
Investment Insights
Based on property information with market context.
This two-family frame home is situated on a development site located on Neptune Avenue, between West 15th Street and Stillwell Avenue. The lot measures 32x130, while the building size is 22x38, with R-6-C-8-1 zoning. The property is located minutes away from the beach and Coney Island, offering shopping, entertainment, and transportation access. This property presents an opportunity for developers or end users.
Key Highlights
- Development site potential due to zoning (R‑6‑C‑8‑1) and lot size (32x130).
- Prime location on Neptune Ave between West 15th St and Stillwell Ave.
- Two‑family frame home suitable for end‑user or developer.
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
$87,834
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
3.52%
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%
$1,756,680
$1.8M
Cap Rate 7%
$1,254,771
$1.3M
Cap Rate 9%
$975,933
$975.9K
Market Conditions
NOI Build-Up for 2,508 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
$127.9K $51.00/SF
− Vacancy
−$2.4K −$0.97/SF
EGI
$125.5K $50.03/SF
− OpEx
−$37.6K −$15.01/SF
NOI
$87.8K $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%
$1,756,680
Cap Rate 7%
$1,254,771
Cap Rate 9%
$975,933
Alternative Uses
Best Use
Multifamily LT 5
$1.25M
$1.10M – $1.46M
NOI $87,834 @ 7.0% cap · market cap 3.52%
Second Best
Apartment 5plus
$1.09M
$957.1K – $1.28M
NOI $76,567 @ 7.0% cap · market cap 3.07%
Theoretical Best
Specialty Retail
$2.08M
$1.82M – $2.42M
NOI $145,364 @ 7.0% cap · market cap 5.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,102
Businesses Nearby
Explore this area
Business Placement
Demographics for 11224, NY
46,019
Population
21,354
Households
2.2
Avg Household Size
46
Median Age
33%
College-Educated
82%
High-School Grad
1.6 sq mi
ZIP Area
28,762
Density / Sq Mi
$41,449
Median Household Income
$41,233
Median Earnings
$905
Median Rent
$512,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-family home on a development site near the beach.
Where is this duplex located?
The property is located at 1412 Neptune Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,498,000.
What are key features of this property?
This property features: Development site potential due to zoning (R‑6‑C‑8‑1) and lot size (32x130).; Prime location on Neptune Ave between West 15th St and Stillwell Ave.; Two‑family frame home suitable for end‑user or developer.
