Turnkey Four-Family Residential
For Sale
$1,999,900
3129 Coney Island Ave, Brooklyn, NY 11235
Renovated legal four-family building with one two-bedroom, two one-bedroom, and one studio unit.
Property Size2,160 SF
Days on Market47
Property Features for 3129 Coney Island Ave
General Information
Standard status
Active
Size
2,160 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$12,708
Building Details
Building Size
2,160 SF
Year Built
1932
Stories
2
Listing Agency:
Keller Williams Realty Empire
(718) 954-8400
Listed By:
Soranlly Adames-Lopez
(718) 954-8400
Source:
Elliman
Added: Jul 16
Changed: Aug 31
Last Checked: Aug 30 at 11:04PM
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 Keller Williams Realty Empire
Investment Insights
Based on property information with market context.
This fully renovated legal four-family building offers a turnkey setup for a new owner. The property includes one two-bedroom apartment, two one-bedroom apartments, and one studio apartment. Public remarks indicate the building has been brought up to code with major systems and renovations completed.
All showings are by appointment only. Prospective buyers must provide a mortgage pre-approval letter or proof of funds prior to scheduling a viewing.
The four units are currently occupied, with tenants on month-to-month leases and rents described as below current market value in the seller’s remarks. Delivery may be arranged with tenants in place for immediate cash flow or vacant, depending on buyer preference. Walk and transit scores provided in the remarks suggest strong access to surrounding amenities and transportation.
All showings are by appointment only. Prospective buyers must provide a mortgage pre-approval letter or proof of funds prior to scheduling a viewing.
The four units are currently occupied, with tenants on month-to-month leases and rents described as below current market value in the seller’s remarks. Delivery may be arranged with tenants in place for immediate cash flow or vacant, depending on buyer preference. Walk and transit scores provided in the remarks suggest strong access to surrounding amenities and transportation.
Key Highlights
- Legal four‑family building built in 1932 with 4 residential units: 1 two‑bedroom, 2 one‑bedroom, and 1 studio
- Fully renovated and brought up to code, with major systems and renovations completed
- Month‑to‑month tenant leases; rents are below current market value with potential for future rent growth
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
$75,647
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
3.78%
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%
$1,512,940
$1.5M
Cap Rate 7%
$1,080,671
$1.1M
Cap Rate 9%
$840,522
$840.5K
Market Conditions
NOI Build-Up for 2,160 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
$110.2K $51.00/SF
− Vacancy
−$2.1K −$0.97/SF
EGI
$108.1K $50.03/SF
− OpEx
−$32.4K −$15.01/SF
NOI
$75.6K $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%
$1,512,940
Cap Rate 7%
$1,080,671
Cap Rate 9%
$840,522
Alternative Uses
Best Use
Multifamily LT 5
$1.08M
$945.6K – $1.26M
NOI $75,647 @ 7.0% cap · market cap 3.78%
Second Best
Apartment 5plus
$942.0K
$824.3K – $1.10M
NOI $65,943 @ 7.0% cap · market cap 3.30%
Theoretical Best
Specialty Retail
$1.79M
$1.56M – $2.09M
NOI $125,194 @ 7.0% cap · market cap 6.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,130
Businesses Nearby
Explore this area
Business Placement
Demographics for 11235, NY
88,482
Population
37,188
Households
2.4
Avg Household Size
44
Median Age
50%
College-Educated
90%
High-School Grad
2.5 sq mi
ZIP Area
35,393
Density / Sq Mi
$61,689
Median Household Income
$48,898
Median Earnings
$1,649
Median Rent
$723,900
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?
Quadplex - Renovated legal four-family building with one two-bedroom, two one-bedroom, and one studio unit.
Where is this quadplex located?
The property is located at 3129 Coney Island Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,999,900.
What are key features of this property?
This property features: Legal four‑family building built in 1932 with 4 residential units: 1 two‑bedroom, 2 one‑bedroom, and 1 studio; Fully renovated and brought up to code, with major systems and renovations completed; Month‑to‑month tenant leases; rents are below current market value with potential for future rent growth
