1647 8Th AveBrooklyn, NY 11215

Property Details for 1647 8Th Ave

Year built

1923

Lot size

0.04 AC

Property size (Sq ft)

3,972 SF

Zone code

R5B

Property type

Apartment buildings

APN

01113-0005

APU

11130005

Description

This exceptional six-unit apartment building, located in the highly desirable Park Slope neighborhood of Brooklyn, New York, presents a compelling value-add investment opportunity. The property, situated at 1647 8th Avenue, boasts a prime location just steps from Prospect Park and the F/G subway lines, and a block from the vibrant 7th Avenue commercial corridor. Built in 1923 and extensively renovated in 2018, this three-story building (3,972 square feet on a 1,957 square foot lot) features five two-bedroom units and one one-bedroom unit, each equipped with its own hot water tank and split unit HVAC system. The building is currently operating at 100% occupancy, generating a Net Operating Income (NOI) of $227,452, representing a 4.55% cap rate. A pro-forma NOI of $275,618 projects a 5.52% cap rate, reflecting significant upside potential due to below-market rents on several units with leases expiring soon. The current asking price is $4,995,000 ($832,500 per unit and $1,257.55 per square foot). The building benefits from a protected tax class, limiting future tax increases, and offers additional amenities including a shared yard, tenant lounge, storage cages, and laundry facilities in the common basement. The R5B zoning designation ensures future flexibility. This property offers a rare combination of strong cash flow, significant value-add potential, and a prime location in one of Brooklyn's most sought-after neighborhoods.

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.6603

Longitude

-73.9834

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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