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    402 Rockaway Ave Brooklyn, NY 11212

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    For Sale
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    10,000sf Double Lot, High Potential

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional 10,000 square foot double lot in Brooklyn, NY (11212), presents a prime redevelopment opportunity. Situated on Rockaway Avenue in Kings County, this property boasts a highly desirable C4-3/R6 zoning designation, allowing for flexible mixed-use development. Currently operating as a parking lot, it generates a consistent income stream with a 5.5% cap rate, offering immediate returns. The location is ideal, providing high visibility and foot traffic in a vibrant commercial and residential district with easy access to major thoroughfares and public transportation. The substantial lot size and flexible zoning regulations allow for a high Floor Area Ratio (FAR), enabling the construction of a sizable building that can maximize both commercial and residential uses. This presents a unique chance to capitalize on the strong demand for both retail and residential spaces in this up-and-coming Brooklyn neighborhood. The property's potential for significant long-term value makes it an attractive investment for developers and investors alike seeking a development-ready site with immediate income and substantial future growth potential. This is a rare opportunity to acquire a prime development site in a highly desirable location.

    Property Features for 402 Rockaway Ave

    General Information

    Property type
    Multifamily properties

    HighLights

    • 10,000 sq ft double lot in Brooklyn, NY (11212), ideal for redevelopment.
    • C4‑3/R6 zoning allows flexible mixed‑use development.
    • Currently operates as a parking lot with a 5.5% cap rate.
    • High visibility location with strong foot traffic, near major thoroughfares and public transit.
    • High FAR allows for sizable building maximizing commercial and residential uses.
    Property Profile Location Intelligence

    Current Use by Public Records

    Zipcar Car Rental Agency Pit Kin Parking Parking Lot Mold Inspection & Testing ... Environmental Health Service

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.9111511
    Latitude
    40.6701307

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    FAQs

    What type of property is this?
    Multifamily property - 10,000sf Double Lot, High Potential
    Where is this multifamily property located?
    The property is located at 402 Rockaway Ave Brooklyn, NY.
    What are key features of this property?
    This property features: 10,000 sq ft double lot in Brooklyn, NY (11212), ideal for redevelopment.; C4-3/R6 zoning allows flexible mixed-use development.; Currently operates as a parking lot with a 5.5% cap rate.
    Request Owner's contact information
    402 Rockaway Ave Brooklyn, NY 11212
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    Brooklyn, NY 11212
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    402 Rockaway Ave Brooklyn, NY 11212
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