For Sale
$4,250,000

518 Meeker AveBrooklyn, NY 11222

Ten-unit elevator building, high ROI.

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional six-story elevator building at 518 Meeker Avenue in Brooklyn, NY (zip code 11222) presents a compelling investment opportunity. The property boasts 9,684 square feet on a 2,200 square foot lot and features ten residential units, offering a price per unit of $425,000 and an asking price of $4,250,000. The building's layout includes two apartments per floor on floors one through four, a three-bedroom floor-through unit on the fifth floor, and a two-bedroom floor-through unit on the sixth floor. Two ground floor studio units benefit from outdoor space, while upper units feature rear balconies. All units enjoy 10-foot ceilings and abundant natural light. Each apartment is equipped with attractive wood floors, a well-designed living/dining area, a full kitchen featuring granite countertops and stainless steel appliances, and a beautifully tiled full bathroom. Individual gas and electric meters are installed, along with in-unit water heaters and central HVAC systems, plus laundry hookups. The building is fully sprinklered, and the basement provides ten storage spaces, plus additional storage in the hallways and super space. Roof access offers excellent city views. While a prior tax abatement has expired, a settlement agreement with the Housing Preservation and Development (HPD) limits future tax increases to a maximum of 30%. Rent stabilization applies to the units, with the expectation of removal in nine years. The Department of Housing and Community Renewal (DHCR) records are available from 2010 to the present. This property's combination of features, location, and potential for future rent increases makes it an attractive investment with significant upside potential. The building is zoned R6. The current net operating income (NOI) is $278,921, resulting in a 6.60% cap rate and a pro-forma cap rate of 6.56%.

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
518 Meeker Ave, Brooklyn, New York

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
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 unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
518 Meeker Ave
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message