For Sale
$3,600,000

1021 Manhattan AveBrooklyn, NY 11222

7-Unit Building, High ROI Potential

Overview

Added:
Dec 11, 2024
Days on market:
124
This prime Greenpoint, Brooklyn mixed-use property offers a compelling investment opportunity. Located on Manhattan Avenue, this 5,500 square foot, seven-unit apartment building boasts a current NOI of $233,784 and a 6.49% cap rate. The asking price is $3,600,000, translating to $654.55 per square foot. Currently operating at 75% occupancy, with three units potentially vacant at closing, this presents a chance to increase revenue. The building, last renovated in 2015 (including electrical upgrades), sits in an R-7A zone with a C2-4 commercial overlay, allowing for an additional 2,005 square feet of buildable space (verification with an architect is recommended). This property is situated in a Qualified Opportunity Zone, offering significant tax advantages. This is a rare chance to acquire a stabilized, income-producing asset in a rapidly developing neighborhood.

Highlights

  • Income-producing mixed-use property on Greenpoint's main thoroughfare.
  • Three apartments may be vacant at closing.
  • R-7A zoned with C2-4 commercial overlay, allowing for a potential 2,005 SF addition (buyer to verify).
  • Qualified Opportunity Zone.

Property Details for 1021 Manhattan Ave

Property type
Mixed-use properties, Apartment buildings
Square Feet
5,500 SF
Units
7

Location Insight

City
Brooklyn
County
Kings
State
New York
Latitude
40.733971000896
Longitude
-73.954905836294
1021 Manhattan Ave, Brooklyn, New York

FAQs

What type of property is this?
Mixed-use property - 7-Unit Building, High ROI Potential
Where is the mixed-use property located?
The property is located at 1021 Manhattan Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: Income-producing mixed-use property on Greenpoint's main thoroughfare.; Three apartments may be vacant at closing.; R-7A zoned with C2-4 commercial overlay, allowing for a potential 2,005 SF addition (buyer to verify).
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I access a private listing?
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1021 Manhattan Ave
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