867 53Rd StBrooklyn, NY 11220

  • Office properties
  • 15,965 SF
For Sale
$1,068,000 View listing

Property Details for 867 53Rd St

Year built
1925
Lot size
0.07 AC
Property size (Sq ft)
15,965 SF
Zone code
R6
Property type
Office properties
Property subtype
Office buildings
APN
05658-0050
APU
56580050

Description

This exceptional 1,335-square-foot commercial condominium is located in Brooklyn's desirable Sunset Park neighborhood at 867 53rd Street, zip code 11220. This brand-new construction unit is situated in an elevator building and boasts a private balcony. The asking price is $1,068,000. The property features 8-10 foot ceilings and sits on a 2,850-square-foot lot. A significant advantage is the 15-year tax abatement, resulting in currently low annual property taxes of only $678.12, along with a low monthly common charge of $545.81. The property is currently generating a monthly rental income of $4,000. Owner financing is available with a 40% down payment and a 6% interest rate, allowing for a 30-day closing. Its versatile layout is suitable for various uses, including but not limited to doctor's offices, senior centers, daycare centers, accounting firms, and travel agencies. The property's convenient location offers easy access to shopping, major banks, hospitals, and the N train/8th Avenue subway station. The seller is open to reasonable offers. This presents a unique opportunity to acquire a commercial property in the thriving 8th Avenue business district of Sunset Park.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • CAP approach

    CAP return
    Valuation
    6%
    $2,639,491
    6.5%
    $2,436,454
    7%
    $2,262,421
  • Comparable approach

    Method
    Valuation
    Relative Method
    $2,085,987
    Geo Method
    $2,085,987
  • Alternative Use

    Use
    Valuation
    Residential
    $3,021,202
    Hospitality
    $2,767,405
    Educational
    $2,302,449
    Medical
    $2,381,633
    Retail
    $3,581,587
867 53Rd St, Brooklyn, New York

Location Insight

City
Brooklyn
County
Kings
State
New York
Latitude
40.6386
Longitude
-74.0036
CBSA code
35620
CBSA name
NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2024
$108,968
$166,500
$880,200
$1,046,700
-
$370,000
$1,956,000
$2,326,000

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