2342 Cropsey AveBrooklyn, NY 11214

Property Details for 2342 Cropsey Ave

Year built

1960

Lot size

0.31 AC

Property size (Sq ft)

1,296 SF

Zone code

R6

Property type

Auto shops

APN

06925-0061

APU

69250061

Description

This exceptional 13,500 square foot land parcel, located at 2342 Cropsey Avenue in Brooklyn, New York (zip code 11214), presents a unique investment opportunity. Currently improved with a 1,300 square foot auto service station, the property boasts significant development potential. The R-6 zoning allows for approximately 65,000 square feet of residential and ancillary community space as of right, offering substantial upside. The site features 135 feet of frontage on Cropsey Avenue and is conveniently situated near the intersection of 24th Avenue in Kings County. This location within an Opportunity Zone may unlock additional development possibilities, particularly concerning affordable housing initiatives. The existing building is fully occupied. Lease terms include a 3% step increase plus CPI every five years after the initial five-year period. This prime Brooklyn location and the substantial buildable area make this a compelling investment for developers seeking a high-return project. The property's size and zoning designation offer flexibility for a variety of development scenarios, catering to the growing demand for residential and community spaces in the area. Serious inquiries only.

• CAP approach

  CAP return

  Valuation

  6%

  $314,973

  6.5%

  $290,745

  7%

  $269,977

• Comparable approach

  Method

  Valuation

  Relative Method

  $426,725

  Geo Method

  $426,725

• Alternative Use

  Use

  Valuation

  Residential

  $245,254

  Hospitality

  $224,651

  Educational

  $186,907

  Medical

  $193,335

  Retail

  $290,745

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.5946

Longitude

-73.9961

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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