Spacious Canarsie
For Sale
$999,000
685 Rockaway Parkway, Brooklyn, NY 11236
Two-story home with flexible space in a convenient Brooklyn location.
Property Size2,508 SF
Lot Size0.07 Acres
Price / SF$398.33
Days on Market283
Property Features for 685 Rockaway Parkway
General Information
Standard status
Active
Size
2,508 SF
Lot size
0.07 Acres
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$7,468
Building Details
Building Size
2,508 SF
Year Built
1963
Listing Agency:
Tiger Realty
Listed By:
Peter Pan · License #10401215383
(917) 708-9966
Source:
Penrealty
Added: Nov 24, 2025
Changed: Aug 25
Last Checked: Sep 2 at 2:12AM
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 Tiger Realty
Investment Insights
Based on property information with market context.
Located in the Canarsie neighborhood of Brooklyn, 685 Rockaway Pkwy is a two-story home offering generous interior space and a sizable lot. The property contains approximately 2,508 square feet of interior living space and sits on an approximately 3,250 square foot lot. Built in 1963, the property features a flexible layout suitable for living, dining, and sleeping areas. It is located close to the Canarsie–Rockaway Parkway L train terminal, providing direct subway access to Manhattan and across Brooklyn. Multiple bus lines are accessible along Rockaway Parkway and surrounding avenues. The location offers convenient access to local shopping, supermarkets, restaurants, and neighborhood services. This property is suitable for both owner-occupants and investors. The large interior footprint and lot size offer the potential to reconfigure or optimize the layout, subject to approvals. Recent property taxes were last reported around $7,468 annually.
Key Highlights
- Approx. 2,508 sq ft of interior living space.
- Located near the Canarsie–Rockaway Parkway L train terminal for direct subway access to Manhattan and Brooklyn.
- Sizable lot size of approx. 3,250 sq ft.
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
$87,834
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
8.79%
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%
$1,756,680
$1.8M
Cap Rate 7%
$1,254,771
$1.3M
Cap Rate 9%
$975,933
$975.9K
Market Conditions
NOI Build-Up for 2,508 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
$127.9K $51.00/SF
− Vacancy
−$2.4K −$0.97/SF
EGI
$125.5K $50.03/SF
− OpEx
−$37.6K −$15.01/SF
NOI
$87.8K $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%
$1,756,680
Cap Rate 7%
$1,254,771
Cap Rate 9%
$975,933
Alternative Uses
Best Use
Multifamily LT 5
$1.25M
$1.10M – $1.46M
NOI $87,834 @ 7.0% cap · market cap 8.79%
Second Best
Apartment 5plus
$1.09M
$957.1K – $1.28M
NOI $76,567 @ 7.0% cap · market cap 7.66%
Theoretical Best
Specialty Retail
$2.08M
$1.82M – $2.42M
NOI $145,364 @ 7.0% cap · market cap 14.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,751
Businesses Nearby
Explore this area
Business Placement
Demographics for 11236, NY
100,687
Population
37,002
Households
2.7
Avg Household Size
40
Median Age
28%
College-Educated
88%
High-School Grad
3.6 sq mi
ZIP Area
27,969
Density / Sq Mi
$82,813
Median Household Income
$50,244
Median Earnings
$1,637
Median Rent
$710,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-story home with flexible space in a convenient Brooklyn location.
Where is this duplex located?
The property is located at 685 Rockaway Parkway Brooklyn, NY.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Approx. 2,508 sq ft of interior living space.; Located near the Canarsie–Rockaway Parkway L train terminal for direct subway access to Manhattan and Brooklyn.; Sizable lot size of approx. 3,250 sq ft.
