518 Meeker AveBrooklyn, NY 11222
Ten-unit elevator building, high ROI.
Overview
- Added:
- Dec 11, 2024
- Days on market:
- 116
Highlights
- Six-story elevator building with ten residential units in Brooklyn, NY (11222).
- 9,684 square feet on a 2,200 square foot lot, priced at $4,250,000 ($425,000 per unit).
- Unit mix includes studios and one- to three-bedroom apartments; ground floor studios have outdoor space, upper units have rear balconies.
- Features include 10-foot ceilings, hardwood floors, granite countertops, stainless steel appliances, central HVAC, in-unit laundry, and individual gas and electric meters.
- Building amenities include a fully sprinklered system, basement storage, and roof access with city views; rent stabilized units with potential for deregulation in nine years.
- Current NOI is $278,921, resulting in a 6.60% cap rate and a pro-forma cap rate of 6.56%; Zoned R6; HPD settlement limits future tax increases to 30%.
Property Details for 518 Meeker Ave
- Property type
- Apartment buildings
- Square Feet
- 9,684 SF
- Class
- A
- Units
- 10
Location Insight
- City
- Brooklyn
- County
- Kings
- State
- New York
- Latitude
- 40.7202674
- Longitude
- -73.9434791
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