7024 18Th AveBrooklyn, NY 11204

Property Details for 7024 18Th Ave

Year built

1931

Lot size

0.05 AC

Property size (Sq ft)

3,400 SF

Zone code

R5

Property type

Office buildings

APN

06171-0050

APU

61710050

Description

This exceptional two-story, 3,400 square foot office building, situated on a 2,000 square foot lot in the desirable Bensonhurst neighborhood of Brooklyn, New York, presents a unique investment opportunity. Built in 1931, this Class B property is offered at $3,888,000, representing a compelling price per square foot of $1,143.53 and a pro-forma cap rate of 4.63% with a projected NOI of $180,000. Currently vacant, this building offers immediate occupancy and full possession at closing. The property features a desirable corner location on 18th Avenue, providing excellent signage visibility. The interior boasts a flexible layout, including a reception area, waiting area, two conference rooms, a large executive boardroom, additional open office space, three private offices (one with a private terrace), a large meeting room in the full finished basement, a kitchen, and ample storage. The building also includes upgraded LED lighting throughout and two separate central air conditioning systems, one for each floor, and three lavatories. Zoned R5, this versatile property is ideal for a variety of uses, including professional offices, a bank, retail space, or medical facilities. This is a rare opportunity to acquire one of the few 100% commercial buildings on 18th Avenue, making it a truly turnkey solution for an owner-user or investor.

• CAP approach

  CAP return

  Valuation

  6%

  $562,122

  6.5%

  $518,881

  7%

  $481,818

• Comparable approach

  Method

  Valuation

  Relative Method

  $444,244

  Geo Method

  $444,244

• Alternative Use

  Use

  Valuation

  Residential

  $643,413

  Hospitality

  $589,363

  Educational

  $490,343

  Medical

  $507,207

  Retail

  $762,756

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.6159

Longitude

-73.9938

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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