Ocean Hill Multifamily Investment
For Sale
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192 Rockaway Ave, Brooklyn, NY 11233
Partially rent-stabilized multifamily asset in Ocean Hill, Brooklyn.
Property Size5,400 SF
Price / SF$425.93
Days on Market241
Property Features for 192 Rockaway Ave
General Information
Standard status
Active
Size
5,400 SF
Property subtype
Multifamily
Occupancy
100%
Net Operating Income
$167,759
Building Details
Year Built
1920
Year Renovated
2022
Buildings
1
Stories
4
Units
8
Listing Agency:
Matheos Realty Group
Listed By:
Peter Matheos · License #10311207456
Source:
Crexi
Added: Feb 24
Changed: Oct 14
Last Checked: Oct 23 at 4:45AM
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 Matheos Realty Group
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Investment Insights
Based on property information with market context.
Located in Ocean Hill, Brooklyn, this multifamily property offers an income-producing asset with a mix of rent-stabilized and free-market units. The property is situated between Bedford–Stuyvesant, Crown Heights, and Brownsville, providing accessible city living within a calm, tree-lined residential environment. The building comprises 8 residential units, totaling approximately 5,400 square feet. The unit mix includes one three-bedroom unit, six two-bedroom units, and one studio. Notably, Units 3A and 3B are legally rent-stabilized but have been fully renovated and are currently achieving market rents, offering meaningful upside and operational flexibility.
Key Highlights
- Income‑producing multifamily asset in Ocean Hill, Brooklyn.
- Mix of 5 rent‑stabilized and 3 free‑market units.
- Units 3A and 3B are legally rent‑stabilized but renovated and achieving market rents.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$164,856
Cap Rate
7.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,297,120
$3.3M
Cap Rate 7%
$2,355,086
$2.4M
Cap Rate 9%
$1,831,733
$1.8M
Market Conditions
NOI Build-Up for 5,400 SF
Gross rent
$305.9K $56.64/SF
− Vacancy
−$6.1K −$1.13/SF
EGI
$299.7K $55.51/SF
− OpEx
−$134.9K −$24.98/SF
NOI
$164.9K $30.53/SF
Area
Brooklyn, NY
Vacancy
2.00%
Lease Rate
$56.64 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,297,120
Cap Rate 7%
$2,355,086
Cap Rate 9%
$1,831,733
Alternative Uses
Best Use
Apartment 5plus
$2.36M
$2.06M – $2.75M
NOI $164,856 @ 7.0% cap · market cap 7.17%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.47M
$3.91M – $5.22M
NOI $312,984 @ 7.0% cap · market cap 13.61%
Zoning and permitted uses should be independently verified with authorities.
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Open Analytics
Location Intelligence
Trade Area within ½ mile
3,859
Businesses Nearby
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Business Placement
Demographics for 11233, NY
75,399
Population
34,412
Households
2.2
Avg Household Size
35
Median Age
33%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
57,999
Density / Sq Mi
$62,034
Median Household Income
$47,149
Median Earnings
$1,613
Median Rent
$1,013,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Partially rent-stabilized multifamily asset in Ocean Hill, Brooklyn.
Where is this apartment building located?
The property is located at 192 Rockaway Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Income‑producing multifamily asset in Ocean Hill, Brooklyn.; Mix of 5 rent‑stabilized and 3 free‑market units.; Units 3A and 3B are legally rent‑stabilized but renovated and achieving market rents.
