316 6Th StBrooklyn, NY 11215

Property Details for 316 6Th St

Year built

1931

Lot size

0.05 AC

Property size (Sq ft)

5,720 SF

Zone code

R6B

Property type

Apartment buildings

APN

00993-0028

APU

9930028

Description

This 8-unit apartment building in Brooklyn's desirable Park Slope neighborhood presents a compelling investment opportunity. Located just one block from Washington Park and a vibrant array of shops and restaurants, this property boasts 5,720 square feet of net rentable space, currently operating at 75% occupancy. The asking price is $2,200,000, translating to $385 per square foot and $275,000 per unit. The building generates a net operating income (NOI) of $110,706. A significant value-add opportunity exists through potential rent increases following capital improvements, with the current proforma based on re-tenanting in as-is condition. The property offers owner-user potential, with the possibility of creating a spacious triplex unit encompassing approximately 2,200 square feet. Its location provides excellent transportation access, being just three blocks from multiple subway lines (F, G, D, N, R, W). The property benefits from a 2A tax class, limiting annual tax increases to a maximum of 6% or 30% over five years. The current asking price represents a significant discount compared to the average neighborhood price per square foot, and even considering partial vacancy, it's substantially below the potential value if fully vacant. This is a rare opportunity to acquire a well-located multifamily property in a thriving Brooklyn neighborhood with considerable upside potential. The building's strong location, owner-user potential, and tax advantages make it an attractive investment for both seasoned and new investors.

• CAP approach

  CAP return

  Valuation

  6%

  $1,172,652

  6.5%

  $1,082,448

  7%

  $1,005,130

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,158,432

  Geo Method

  $1,158,432

• Alternative Use

  Use

  Valuation

  Residential

  $1,082,448

  Hospitality

  $991,516

  Educational

  $824,930

  Medical

  $853,300

  Retail

  $1,283,224

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.6712

Longitude

-73.9857

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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