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 Market187
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: Aug 27
Last Checked: Aug 26 at 2:20AM
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
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 = 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
$164,856
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
7.17%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,859
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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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.
