475 3Rd AveBrooklyn, NY 11215

Property Details for 475 3Rd Ave

Year built

1901

Lot size

0.03 AC

Property size (Sq ft)

2,720 SF

Zone code

R6A

Property type

Investment properties

Property subtype

Live-work space

APN

01015-0010

APU

10150010

Description

This exceptional mixed-use property, located at 475 3rd Ave, Brooklyn, NY 11215, presents a rare investment opportunity in the thriving Gowanus neighborhood. The 3-story brick building encompasses 3,240 square feet on a 1,243 square foot lot, and is zoned R6A. Currently configured as a two-family dwelling with a commercial storefront, the property offers two residential units, each with two bedrooms, plus a ground-floor retail space. The building features a basement and a backyard. There are no existing leases on the apartments, providing the potential for immediate occupancy or redevelopment. This property is ideally suited for both owner-occupants and investors seeking strong rental income in a rapidly appreciating market. Its prime location offers easy access to public transportation, being just one block from the F/R/G trains at the 9th St/4th Ave station. Nearby amenities include Whole Foods, numerous restaurants, bars, cafes, and shops, as well as major attractions like Barclays Center and Prospect Park. The seller is highly motivated and open to offers. This is a unique chance to acquire a substantial income-producing asset in one of Brooklyn's most desirable areas. The sale is structured as a 1031 exchange.

• CAP approach

  CAP return

  Valuation

  6%

  $449,697

  6.5%

  $415,105

  7%

  $385,455

• Comparable approach

  Method

  Valuation

  Relative Method

  $355,395

  Geo Method

  $355,395

• Alternative Use

  Use

  Valuation

  Residential

  $514,730

  Hospitality

  $471,490

  Educational

  $392,274

  Medical

  $405,765

  Retail

  $610,205

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.6706

Longitude

-73.9914

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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