606 Flatbush Ave Brooklyn, NY 11225

This stunning 4-story, mixed-use townhouse at 606 Flatbush Avenue in Brooklyn, NY, presents a rare investment opportunity. Boasting 2,000 square feet on a 2,000 square foot lot, this 1926-built property underwent significant renovations in 2015, 2017, 2018, and 2019. The building comprises eight units: seven two-bedroom apartments and one street-level retail store. Four apartments operate on a free-market basis, one has a preferential rent, and two are rent-stabilized (one currently vacant). Recent upgrades include a new central gas boiler (2020), hot water tank (2023), windows, roof, and doors. The retail store generates $30,000 annually in rent, plus an additional $4,200 for real estate taxes and water. The property enjoys a 90% occupancy rate, producing a current NOI of $128,000 and a pro-forma NOI of $131,000, resulting in a 6.56% cap rate and a pro-forma cap rate of 6.72%. Market rents for the apartments range from $1,900 to $2,500 per month. Significant potential exists to increase income through market-rate adjustments. The property is zoned R7 and includes approximately 1,800 square feet of air rights. Its prime location, one block from Prospect Park and the Prospect Park subway station, offers unparalleled convenience and accessibility to Grand Army Plaza, Barclays Center, the Brooklyn Botanical Gardens, and the Brooklyn Museum. Abundant nearby amenities include restaurants, retail stores, and public transportation. The asking price is $1,950,000, representing a price per square foot of $975. This is a truly exceptional opportunity to acquire a well-maintained, high-performing income property in a highly desirable Brooklyn neighborhood.