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Property Description
Fully Occupied 24-Unit Investment Property in Old Mill Basin, Brooklyn
Located in the highly desirable Old Mill Basin section of Brooklyn, this fully occupied 24-unit brick building presents a prime opportunity for investors with significant upside potential.
Each unit is equipped with separate HVAC systems and individual hot water tanks, with tenants responsible for all utilities except water, keeping operating costs low. The building features 16 covered parking spaces, 10 storage units, and a laundry room, unlocking major potential for added revenue.
Key Highlights:
16 on-site parking spots (projected: $67,200/year at $350/month)
10 storage units (projected: $33,000/year at $275/month)
Laundry room income (projected: $9,000/year outsourced)
Total projected additional income: $109,200/year
NOI: $478,505 | Projected Cap Rate: 5.0%
15-Year Tax Abatement Expired
Low common area expenses
Viewings by appointment only
Ideal for 1031 Exchange or long-term investors
This property offers immediate cash flow with room to increase income, making it a smart addition to any real estate portfolio.
Features
- Heating System:
- Forced Air, Energy Star Qualified Equipment, Hot Air
- Cooling System:
- Central Air, Energy Star Qualified Equipment, Separate Meters
- Basement:
- No
- Fence:
- Front Yard
- Fireplaces Total:
- 0
- Garage Spaces:
- 0
- Parking Features:
- Underground
- Sewer:
- Public Sewer
- Utilities:
- Cable Available, Natural Gas Available, Natural Gas Connected, Electricity Connected
Address Map
- City:
- NY
- State:
- NY
- County:
- Kings (Brooklyn)
- Directions:
- make left on rockaway blvd. on 130th street, house will be in front of P.S 155 Elementary
Property and Construction
- Architectural Style:
- Apt In House
- Construction Materials:
- Brick
- Development Status:
- Brick, Frame, Cedar, Foam Insulation
- Elementary School:
- Ps 236 Mill Basin
- High School:
- Midwood High School
- Levels:
- Two
- Agent MlsId:
- 161521
- Office MlsId:
- BLKE01
- MiddleOrJunior School:
- Jhs 78 Roy H Mann
- New Construction:
- 1
- Number Of Units:
- 24
- Senior Community:
- 1
- Special Listing Conditions:
- Real Estate Owned
- Stories Total:
- 3
- Tax Annual Amount:
- $128,531
- Water Source:
- Public
- PhotosCount:
- 8
Commercial Sale For Sale
5221 Flatlands Avenue, New York, NY
$9,000,000
Listing ID #807492
Basic Details
- Property Type :
- Commercial Sale
- Property SubType :
- Multi Family
- Listing ID :
- 807492
- Price :
- $9,000,000
- Bathrooms Total :
- 0
- Building Area :
- 29,152 Sqft
- Year Built :
- 2009
- Status :
- Active
- Status :
- Active
- Listing Office :
- Blue Key Real Estate Brokerage
- Listing Agent :
- Reginald Brannen
Agent info
Kasner Properties
284 W Park Ave Long Beach, NY 11561
Contact Agent
Walkscore
