Triplex with Built-In
For Sale
$999,000
685 Rockaway Parkway, Brooklyn, NY 11236
MULTI_FAMILY - Brooklyn, NY
Property Size2,508 SF
Lot Size0.07 Acres
Price / SF$398.33
Days on Market284
Property Features for 685 Rockaway Parkway
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R5
Bedrooms
9
Bathrooms
5
Full bathrooms
3
Half bathrooms
2
Rooms
Bathroom 3, Bedroom 6, Bedroom 1, Bedroom 5, Bedroom 2, Bedroom 7, Bedroom 8, Bathroom 1, Bathroom 2, Bedroom 9, Bathroom 5, Bedroom 3, Bedroom 4, Bathroom 4
Parking features
Garage
Basement
Finished
Subdivision
Canarsie
Standard status
Active
Size
2,508 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
7468
Building Details
Year built
1963
Floors in Building
2
Number of units
3
Flooring type
Tile, Hardwood
Building materials
Brick
Roof type
Flat
Listing Agency:
Tiger Realty
(917) 708-9966
Listed By:
Peter Pan · License #10401215383
(347) 575-1849
Added: Nov 24, 2025
Changed: Aug 4
Last Checked: Sep 4 at 8:06AM
MLS# 497526
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.
A brick triplex featuring a semi-detached layout with 3 stories plus a finished basement. The interior includes three 3-bedroom units, along with tile and hardwood flooring. Outside, there are both front and back yard areas.
The property is zoned R5 and includes a built-in garage with additional parking, supporting day-to-day convenience for tenants or an owner-occupant. A flat roof and year built of 1963 round out the key physical details.
There is one vacancy possible, creating flexibility for end-users and investors evaluating unit-by-unit occupancy and potential repositioning within a multi-unit configuration.
The property is zoned R5 and includes a built-in garage with additional parking, supporting day-to-day convenience for tenants or an owner-occupant. A flat roof and year built of 1963 round out the key physical details.
There is one vacancy possible, creating flexibility for end-users and investors evaluating unit-by-unit occupancy and potential repositioning within a multi-unit configuration.
Key Highlights
- R5 zoning with brick construction and flat roof
- Three 3‑bedroom units within a 3‑story‑plus‑finished‑basement layout
- Finished basement and front and back yard areas
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
Lease Details
Multi-tenant
Tenancy
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
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Frequently Asked Questions
What type of property is this?
Triplex - Brick triplex home with R5 zoning, flat roof, finished basement, and a built-in garage plus additional parking.
Where is this triplex 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: R5 zoning with brick construction and flat roof; Three 3‑bedroom units within a 3‑story‑plus‑finished‑basement layout; Finished basement and front and back yard areas
