MLS#807492
STATUSActive
PROPERTY TYPECommercial - Foreclosure
SCHOOLBrooklyn 22
Property Description
Fully Occupied 24-Unit Investment Property in Old Mill Basin, BrooklynLocated 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/yearNOI: $478,505 | Projected Cap Rate: 5.0%15-Year Tax Abatement ExpiredLow common area expensesViewings by appointment onlyIdeal for 1031 Exchange or long-term investorsThis property offers immediate cash flow with room to increase income, making it a smart addition to any real estate portfolio.
Property Features
Property Type: Commercial - Foreclosure
Basement: None
Cooling: Central Air, ENERGY STAR Qualified Equipment, Separa
Heating: ENERGY STAR Qualified Equipment, Forced Air, Hot Air
Stories: 3.0
Taxes: $128,531
Year Built: 2009
Feature Descriptions
Building Area Total: 29152
Community Features: Other
Days on Site: 271
Exterior: Brick, Cedar, Foam Insulation, Frame
Fencing: Front Yard
Heating Units: 24
On Market Date: 2024-12-23
Parking Features: Underground
Rental Term: Monthly
Separate Electric Meters: 25
Separate Gas Meters: 24
Sewer: Public Sewer
Tenant Pays: Electricity, Gas, Heat
Units: 24
Utilities: Cable Available, Electricity Connected, Natural Gas Available, Natural Gas Connected
Water: Public
Local Schools
High School: Midwood High School
Middle School: Jhs 78 Roy H Mann
Elementary School: Ps 236 Mill Basin
School District: Brooklyn 22
Listed By / Shown By
Listing By
Agency Name: Blue Key Real Estate Brokerage
Agency Contact: 718-921-2280
Shown By
Agency Title: Coldwell Banker American Homes
Agency Phone: 866-831-4443
5221 Flatlands Avenue | MLS# 807492
This commercial property located at 5221 Flatlands Avenue, Brooklyn, NY 11234 is currently listed for sale with an asking price of $9,000,000. Flatlands Avenue is located within the Brooklyn 22 school district. Search Brooklyn real estate on www.cbamhomes.com today.