190 Rockaway Avenue
190 Rockaway Avenue is a four-story, eight-unit multifamily building in Brooklyn, NY, offered at $1,500,000 at a 6.04% cap ($95,325 NOI). All units are rent-stabilized, providing stable, predictable income. The property presents both a pure investment opportunity and an owner-user scenario with potential value-add upside.
Built on a 28-foot-wide lot in the R5 residential zone, the 5,616 SF building contains two railroad-style two-bedroom apartments per floor, each with a living/dining area, full kitchen, and full bathroom. All units are individually metered for gas and electricity. The building is equipped with a gas-fired boiler and water heater, and the basement offers seven-foot ceilings with utility infrastructure.
The location on Rockaway Avenue provides direct access to the C train at Rockaway Avenue and Fulton Street stations, connecting to the broader transit network. The building sits among smaller apartment buildings and mixed-use properties on a residential block. Investors can pursue near-term income stabilization, or an owner-occupant can combine a first-floor unit with the basement to create a duplex residence while retaining rental income from the four upper-floor units (subject to necessary approvals). Common area and stairway updates would enhance the building's appeal and support long-term value creation.
- Eight rent-stabilized units, 100% occupied
- Direct C train access at Rockaway Avenue and Fulton Street
- Owner-user potential: duplex residence plus four rental units
- Stabilized 6.04% cap rate with predictable income
- Value-add opportunity through common area improvements
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Location & transit
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This 28-foot-wide, four-story multifamily building features eight residential units, with two railroad-style apartments on each floor. Each apartment offers two bedrooms, a combined living and dining area, a full kitchen, and a full bathroom. All units are rent-stabilized and individually metered for gas and electricity, with the meters located in the basement, which has seven-foot ceilings. The building is equipped with a gas-fired boiler and water heater and offers an investment opportunity with a reported 6.40% cap rate and stable rental income. Additional value may be created by updating the common areas and stairways to improve the building’s overall appeal. The property also presents an owner-user opportunity, with the potential to combine a first-floor apartment with the basement to create a duplex residence while generating rental income from the upper-floor units, subject to necessary approvals. Situated on a residential block surrounded by smaller apartment buildings and mixed-use properties, the building benefits from convenient access to the C train at Rockaway Avenue and Fulton Street, providing connectivity to other parts of the city.
Transit data provided by Google. Times and distances are estimates.