964 Utica AveBrooklyn, NY 11203

Property Details for 964 Utica Ave

Property size (Sq ft)

9,840 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional investment opportunity presents two adjacent mixed-use buildings totaling approximately 9,840 square feet, situated on a 4,000 square foot lot in the vibrant East Flatbush neighborhood of Brooklyn, New York (zip code 11203). The property consists of ten residential units and two commercial spaces, all currently operating as free-market units with significant upside potential in rental income. The buildings, classified as Class C, are two stories each, and are zoned R5 and C2-2, allowing for various development possibilities. Currently boasting a 6.3% capitalization rate, a comprehensive pro-forma analysis projects a substantial increase to a 9.6% capitalization rate, reflecting significant value appreciation. The property's strong financial performance is further underscored by a current net operating income (NOI) of $202,522, and an asking price of $3,200,000 ($325 per square foot). Conveniently located near the Beverly Road subway station (2 and 5 trains), this property offers investors a compelling combination of immediate cash flow and long-term growth prospects. This is a rare chance to acquire a well-positioned multifamily asset in a rapidly developing area of Brooklyn.

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.6494

Longitude

-73.9305

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