901 Dekalb AveBrooklyn, NY 11221

Property Details for 901 Dekalb Ave

Year built

1931

Lot size

0.06 AC

Property size (Sq ft)

6,500 SF

Zone code

R6A

Property type

Retail residential properties

APN

01777-0045

APU

17770045

Description

This exceptional 4-story mixed-use building at 901 Dekalb Avenue in Brooklyn, NY (zip code 11221), presents a compelling investment opportunity. The 7,500 square foot property sits on a 2,500 square foot lot and boasts 14 units: 12 studio apartments and two commercial spaces. Currently, the two commercial units are leased to established tenants under month-to-month agreements (vape shop and electronics store). Nine of the twelve studio apartments are vacant, offering significant value-add potential for the investor. The remaining three studios are also on month-to-month leases. All units are individually metered, with tenants responsible for their utilities. The building is zoned R6A/C2-4 and is entirely free-market, not subject to rent stabilization. Market rents for comparable studio apartments in the neighborhood average over $2,350 per month. The property offers a current NOI of $208,940 and a 7.08% cap rate, with a pro-forma NOI of $306,172 and a pro-forma cap rate of 10.38%. Conveniently located on the north side of Dekalb Avenue between Throop Avenue and Marcus Garvey Boulevard, the property enjoys easy access to public transportation, with the G train (Myrtle-Willoughby station) a short walk away and the B38 bus on the same block. This is a rare opportunity to acquire a well-positioned multifamily asset in a thriving Brooklyn neighborhood with substantial upside potential. The asking price is $2,950,000.

• CAP approach

  CAP return

  Valuation

  6%

  $1,332,559

  6.5%

  $1,230,054

  7%

  $1,142,193

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,316,400

  Geo Method

  $1,316,400

• Alternative Use

  Use

  Valuation

  Residential

  $1,230,054

  Hospitality

  $1,126,723

  Educational

  $937,420

  Medical

  $969,660

  Retail

  $1,458,210

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.6928

Longitude

-73.9406

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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