4-Unit Renovated
For Sale
$1,999,900
3129 Coney Island Avenue, Brooklyn, NY 11235
Residential, Brooklyn, NY
Property Size2,160 SF
Lot Size0.03 Acres
Price / SF$925.88
Days on Market53
Property Features for 3129 Coney Island Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 1, Bathroom 4, Bathroom 3, Bathroom 2
Patio and Porch features
Patio
Interior features
Dishwasher, Patio Garden, Stove, Washer
Basement
Finished, Full
Subdivision
Brighton Beach
Standard status
Active
Size
2,160 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
12708
Building Details
Year built
1932
Floors in Building
2
Number of units
4
Flooring type
Hardwood
Building materials
Brick
Roof type
Shingle, Flat
Listing Agency:
Keller Williams Realty Empire
(718) 954-8400
Listed By:
Soranlly Adames-Lopez
(718) 954-8400
Added: Jul 10
Changed: Aug 28
Last Checked: Aug 31 at 3:06AM
MLS# 502927
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 legal four-family property contains four residential apartments: one two-bedroom unit, two one-bedroom units, and one studio. The 2,160-square-foot brick building has undergone extensive renovation, including updates to windows, bathrooms, kitchens, and electrical systems. Hardwood flooring, a patio, dishwasher, stove, and washer are also included. Constructed in 1932, the property sits on a 0.0331-acre lot and carries R6 zoning.
The property is located at 3129 Coney Island Avenue in Brooklyn, NY 11235. Existing occupants are on month-to-month leases, and the building may be delivered with tenants in place or vacant, subject to the buyer’s preference. Showings are by appointment only.
The property is located at 3129 Coney Island Avenue in Brooklyn, NY 11235. Existing occupants are on month-to-month leases, and the building may be delivered with tenants in place or vacant, subject to the buyer’s preference. Showings are by appointment only.
Key Highlights
- Four‑unit legal residential building with one two‑bedroom, two one‑bedroom, and one studio apartment
- 2,160 square feet on a 0.0331‑acre lot
- Extensive renovations include windows, bathrooms, kitchens, and electrical systems
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
Lease Details
4
Residential units
Multi-tenant
Tenancy
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 - R6-zoned brick building includes a varied apartment mix, hardwood flooring, patio space, and selected appliances.
Where is this quadplex located?
The property is located at 3129 Coney Island Avenue 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: Four‑unit legal residential building with one two‑bedroom, two one‑bedroom, and one studio apartment; 2,160 square feet on a 0.0331‑acre lot; Extensive renovations include windows, bathrooms, kitchens, and electrical systems
