54-Unit Mixed-Use
New
For Sale
$60,000,000
505 Rockaway Pkwy, Brooklyn, NY 11212
Business Opportunity, Brooklyn, NY
Property Size65,535 SF
Lot Size2.07 Acres
Price / SF$915.54
Days on Market4
Property Features for 505 Rockaway Pkwy
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Multi-Family
Subdivision
Canarsie
Directions
7 Hegeman Ave is on Hegeman Avenue between Herzl and Amboy Streets. 505 and 525 Rockaway Pkwy are at the Church Avenue end of the Brookdale Hospital block. 660 East 98th St is across Linden Boulevard from the hospital campus.
Standard status
Active
APN
3-04718-0036
Size
65,535 SF
Lot size
2.07 Acres
Taxes and HOA fees
Tax Annual Amount
1545550
Building Details
Year built
1948
Architectural style
Other
Listing Agency:
5 BORO REALTY CORP
(917) 705-0005
Listed By:
Nina Sabag
855-305-DEAL
Added: Oct 19
Changed: Oct 21
Last Checked: Oct 22 at 7:06PM
MLS# 12036511
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
At 505 Rockaway Parkway, this mixed-use building contains 54 apartments above two leased storefronts and is served by an elevator. Built in 1948, it is one of four rent-stabilized buildings included in a package sale; the package is not being offered individually.
Together, the four Brooklyn buildings contain 381 apartments across 360,918 gross square feet, with ground-floor retail and 104 on-site parking spaces. Reported portfolio occupancy is approximately 98%, with an indicated 6.39% cap rate.
Together, the four Brooklyn buildings contain 381 apartments across 360,918 gross square feet, with ground-floor retail and 104 on-site parking spaces. Reported portfolio occupancy is approximately 98%, with an indicated 6.39% cap rate.
Key Highlights
- 54 apartments above two leased storefronts
- Elevator‑served building constructed in 1948
- Offered only as part of a four‑building package
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$3,142,704
Cap Rate
5.24%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$62,854,080
$62.9M
Cap Rate 7%
$44,895,771
$44.9M
Cap Rate 9%
$34,918,933
$34.9M
Market Conditions
NOI Build-Up for 65,535 SF
Gross rent
$5.10M $77.76/SF
− Vacancy
−$606.4K −$9.25/SF
EGI
$4.49M $68.51/SF
− OpEx
−$1.35M −$20.55/SF
NOI
$3.14M $47.95/SF
Area
Brooklyn, NY
Vacancy
11.90%
Lease Rate
$77.76 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$62,854,080
Cap Rate 7%
$44,895,771
Cap Rate 9%
$34,918,933
Alternative Uses
Best Use
Retail
$44.90M
$39.28M – $52.38M
NOI $3,142,704 @ 7.0% cap · market cap 5.24%
Second Best
Mixed Use
$33.98M
$29.74M – $39.65M
NOI $2,378,921 @ 7.0% cap · market cap 3.96%
Theoretical Best
Specialty Retail
$54.26M
$47.48M – $63.31M
NOI $3,798,409 @ 7.0% cap · market cap 6.33%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
381
Residential units
98%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,983
Businesses Nearby
Explore this area
Business Placement
Demographics for 11212, NY
91,574
Population
34,782
Households
2.6
Avg Household Size
36
Median Age
16%
College-Educated
78%
High-School Grad
1.5 sq mi
ZIP Area
61,049
Density / Sq Mi
$40,060
Median Household Income
$32,553
Median Earnings
$1,231
Median Rent
$549,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Mixed-use property - The building pairs 54 apartments with two leased storefronts and elevator service.
Where is this mixed-use property located?
The property is located at 505 Rockaway Pkwy Brooklyn, NY.
What is the asking price?
The asking price for this property is $60,000,000.
What are key features of this property?
This property features: 54 apartments above two leased storefronts; Elevator‑served building constructed in 1948; Offered only as part of a four‑building package
