Multi-Building Apartment
For Sale
Contact for pricing
96 ROCKAWAY AVE, Brooklyn, NY 11233
Apartment properties distributed across multiple Brooklyn addresses, including Rockaway Avenue, Pacific Street, and Albany Avenue.
Property Size14,242 SF
Price / SF$528.37
Days on Market145
Property Features for 96 ROCKAWAY AVE
General Information
Standard status
Active
Size
14,242 SF
Property subtype
Multifamily
Net Operating Income
$714,875
Building Details
Buildings
8
Units
1
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Manhattan
Listed By:
Mike Salvatico · License #10301216098
Source:
Crexi
Added: Apr 20
Changed: Sep 8
Last Checked: Sep 11 at 7:12AM
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 Marcus & Millichap - Manhattan
Investment Insights
Based on property information with market context.
This apartment portfolio comprises 8 separate buildings across Brooklyn. The property information identifies assets at 96 Rockaway Avenue, 2238 Pacific Street, 145 Albany Avenue, 581 Rogers Avenue, 2506 Albemarle Road, and 2516 Newkirk Avenue. Combined property size is 14,242 square feet.
The listed buildings are distributed across multiple Brooklyn locations rather than concentrated at a single site. The portfolio includes addresses in the 11233 area as well as other Brooklyn locations identified by Rockaway Avenue, Pacific Street, Albany Avenue, Rogers Avenue, Albemarle Road, and Newkirk Avenue.
The listed buildings are distributed across multiple Brooklyn locations rather than concentrated at a single site. The portfolio includes addresses in the 11233 area as well as other Brooklyn locations identified by Rockaway Avenue, Pacific Street, Albany Avenue, Rogers Avenue, Albemarle Road, and Newkirk Avenue.
Key Highlights
- 8 separate apartment buildings across Brooklyn
- 14,242 SF combined property size
- Addresses include 96 Rockaway Avenue and 2238 Pacific Street
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
$434,793
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
5.78%
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%
$8,695,860
$8.7M
Cap Rate 7%
$6,211,329
$6.2M
Cap Rate 9%
$4,831,033
$4.8M
Market Conditions
NOI Build-Up for 14,242 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
$806.7K $56.64/SF
− Vacancy
−$16.1K −$1.13/SF
EGI
$790.5K $55.51/SF
− OpEx
−$355.7K −$24.98/SF
NOI
$434.8K $30.53/SF
Area
Brooklyn, NY
Vacancy
2.00%
Lease Rate
$56.64 /SF/Yr
Expense Ratio
45.00%
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%
$8,695,860
Cap Rate 7%
$6,211,329
Cap Rate 9%
$4,831,033
Alternative Uses
Best Use
Apartment 5plus
$6.21M
$5.43M – $7.25M
NOI $434,793 @ 7.0% cap · market cap 5.78%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$11.79M
$10.32M – $13.76M
NOI $825,466 @ 7.0% cap · market cap 10.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,963
Businesses Nearby
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Business Placement
Demographics for 11233, NY
75,399
Population
34,412
Households
2.2
Avg Household Size
35
Median Age
33%
College-Educated
86%
High-School Grad
1.3 sq mi
ZIP Area
57,999
Density / Sq Mi
$62,034
Median Household Income
$47,149
Median Earnings
$1,613
Median Rent
$1,013,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Apartment building - Apartment properties distributed across multiple Brooklyn addresses, including Rockaway Avenue, Pacific Street, and Albany Avenue.
Where is this apartment building located?
The property is located at 96 ROCKAWAY AVE Brooklyn, NY.
What is the asking price?
The asking price for this property is $7,525,000.
What are key features of this property?
This property features: 8 separate apartment buildings across Brooklyn; 14,242 SF combined property size; Addresses include 96 Rockaway Avenue and 2238 Pacific Street
