Building Details

Year built 1988

Floors in Building 3

Number of units 4

Flooring type Tile, Laminate

Building materials Brick

Roof type Flat

Listing Agency: Zanetis Properties LLC Show Phone

Listed By: George Zanetis Show Phone

Added: Jan 23 Changed: Aug 8 Last Checked: Aug 9 at 11:06AM

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MLS# 498589

Copyright © 2026 Brooklyn New York Multiple Listing Service. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

Investment Insights

Based on property information with market context.

This 2,931-square-foot brick triplex, built in 1988, is configured with two two-bedroom, one-bath residences and a studio with its own backyard. A renovated front office is vacant, while the property also includes a large barn for storage. Three boilers and three water heaters serve the building, and tenants pay their own heat, hot water, and electric. Interior features include wall A/C units, a kitchen appliance package, tile and laminate flooring, and terraces on the upper levels.

The property occupies 0.0448 acres in Rockaway Park, one block from the beach and boardwalk. Upper-floor terraces provide ocean views. The A and S trains, express buses, and the Rockaway Ferry are nearby, with ferry service to Sunset Park, Brooklyn, and Manhattan. The property is zoned R5D and includes a carport.

Key Highlights

• 2,931‑square‑foot triplex built in 1988
• Two 2 BR / 1 Bath units plus a studio with its own backyard
• Renovated vacant front office and large barn for storage

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

$96,500

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

8.40%

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%

$1,930,000 $1.9M

Cap Rate 7%

$1,378,571 $1.4M

Cap Rate 9%

$1,072,222 $1.1M

Market Conditions

NOI Build-Up for 2,931 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

$147.7K $50.40/SF

− Vacancy

−$19.1K −$6.50/SF

EGI

$128.7K $43.90/SF

− OpEx

−$32.2K −$10.97/SF

NOI

$96.5K $32.92/SF

Area

Queens County, NY

Vacancy

12.90%

Lease Rate

$50.40 /SF/Yr

Expense Ratio

25.00%

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%

$1,930,000

Cap Rate 7%

$1,378,571

Cap Rate 9%

$1,072,222

Alternative Uses

Best Use

Office B

$1.38M

$1.21M – $1.61M (±1% cap)

NOI $96,500 @ 7.0% cap · market cap 8.40%

Second Best

Apartment 5plus

$1.02M

$895.6K – $1.19M (±1% cap)

NOI $71,647 @ 7.0% cap · market cap 6.24%

Theoretical Best

Office A

$2.16M

$1.89M – $2.52M (±1% cap)

NOI $151,254 @ 7.0% cap · market cap 13.16%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Triplexes

Suggested Use

Top Pick Law Firm HVAC Service Big Box & Wholesale Store Building Supply Real Estate Agency Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

747

Businesses Nearby

Explore this area Business Placement

Demographics for 11694, NY

19,780

Population

9,103

Households

2.2

Avg Household Size

46

Median Age

43%

College-Educated

90%

High-School Grad

1.7 sq mi

ZIP Area

11,635

Density / Sq Mi

$103,792

Median Household Income

$65,602

Median Earnings

$1,787

Median Rent

$839,000

Median Home Value

Market

Vacancy Rate% for Office in Northeast region

13.1% 2019

15.4% 2020

17.6% 2021

19.1% 2022

20.2% 2023

20.9% 2024

19.9% 2025

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Frequently Asked Questions

What type of property is this?

Triplex - Three-family brick property with a vacant renovated front office, separate utilities, terraces, and storage space.

Where is this triplex located?

The property is located at 204 Beach 102nd Street Rockaway Park, NY.

What is the asking price?

The asking price for this property is $1,149,000.

What are key features of this property?

This property features: 2,931‑square‑foot triplex built in 1988; Two 2 BR / 1 Bath units plus a studio with its own backyard; Renovated vacant front office and large barn for storage