1153 BroadwayBrooklyn, NY 11221

Property Details for 1153 Broadway

Year built

1931

Lot size

0.07 AC

Property size (Sq ft)

15,518 SF

Zone code

R6

Property type

Retail residential properties

APN

03252-0009

APU

32520009

Description

This exceptional Class A mixed-use property, located at 1153-1155 Broadway in Brooklyn, NY (zip code 11221), presents a compelling investment opportunity. The newly constructed, four-story building boasts a total of 15,517 square feet, encompassing 16 units: fourteen residential apartments and two commercial spaces. Situated on a 3,225 square foot lot, the property benefits from a prime location, steps away from the Kosciuszko Street and Central Avenue stations (J & M train lines), providing convenient access to both Brooklyn and Manhattan. The building features a 97% occupancy rate, generating a current NOI of $588,000 and a pro-forma NOI of $618,100, resulting in a current cap rate of 6.00% and a pro-forma cap rate of 6.31%. The asking price is $9,800,000, translating to a price per square foot of $631.57 and a price per unit of $612,500. Amenities include a gym, laundry room, storage, and rooftop access. The property is zoned R6 and benefits from a 421a tax abatement. Tenants are responsible for all utilities. This turnkey investment offers significant potential for strong returns.

• CAP approach

  CAP return

  Valuation

  6%

  $3,181,330

  6.5%

  $2,936,612

  7%

  $2,726,854

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,142,752

  Geo Method

  $3,142,752

• Alternative Use

  Use

  Valuation

  Residential

  $2,936,612

  Hospitality

  $2,689,921

  Educational

  $2,237,983

  Medical

  $2,314,950

  Retail

  $3,481,307

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.6933

Longitude

-73.9282

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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