Development Site Near Coney
For Sale
$2,498,000
1412 Neptune Avenue, Brooklyn, NY 11224
Two-family home on a development site near the beach.
Property Size2,508 SF
Lot Size0.10 Acres
Price / SF$996.01
Days on Market913
Property Features for 1412 Neptune Avenue
General Information
Standard status
Active
Size
2,508 SF
Lot size
0.10 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$3,500
Building Details
Year Built
1930
Listing Agency:
Century 21 Realty First
Listed By:
Karla Ng Mok · License #KNM9509
(718) 758-5838
Source:
Exitrealty
Added: Apr 19, 2024
Changed: Oct 1
Last Checked: Oct 1 at 10:09AM
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 Century 21 Realty First
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Review the available facts, identify missing information and prepare questions for the agent.
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, and it benefits from R-6-C-8-1 zoning. The property is located minutes away from the beach and the shopping, entertainment, and transportation options of Coney Island. This property presents an opportunity for developers or end users.
Key Highlights
- Development site potential with R‑6‑C‑8‑1 zoning on a 32x130 lot.
- 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 / Yr
$87,834
Cap Rate
3.52%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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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
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
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 Avenue 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 with R‑6‑C‑8‑1 zoning on a 32x130 lot.; Prime location on Neptune Ave between West 15th St and Stillwell Ave.; Two‑family frame home suitable for end‑user or developer.
