606 Flatbush AveBrooklyn, NY 11225

Property Details for 606 Flatbush Ave

Year built

1931

Lot size

0.05 AC

Property size (Sq ft)

5,787 SF

Zone code

R7-1

Property type

Retail residential properties

APN

05026-0154

APU

50260154

Description

This stunning 4-story, mixed-use townhouse at 606 Flatbush Avenue in Brooklyn, NY, presents a rare investment opportunity. Boasting 2,000 square feet on a 2,000 square foot lot, this 1926-built property underwent significant renovations in 2015, 2017, 2018, and 2019. The building comprises eight units: seven two-bedroom apartments and one street-level retail store. Four apartments operate on a free-market basis, one has a preferential rent, and two are rent-stabilized (one currently vacant). Recent upgrades include a new central gas boiler (2020), hot water tank (2023), windows, roof, and doors. The retail store generates $30,000 annually in rent, plus an additional $4,200 for real estate taxes and water. The property enjoys a 90% occupancy rate, producing a current NOI of $128,000 and a pro-forma NOI of $131,000, resulting in a 6.56% cap rate and a pro-forma cap rate of 6.72%. Market rents for the apartments range from $1,900 to $2,500 per month. Significant potential exists to increase income through market-rate adjustments. The property is zoned R7 and includes approximately 1,800 square feet of air rights. Its prime location, one block from Prospect Park and the Prospect Park subway station, offers unparalleled convenience and accessibility to Grand Army Plaza, Barclays Center, the Brooklyn Botanical Gardens, and the Brooklyn Museum. Abundant nearby amenities include restaurants, retail stores, and public transportation. The asking price is $1,950,000, representing a price per square foot of $975. This is a truly exceptional opportunity to acquire a well-maintained, high-performing income property in a highly desirable Brooklyn neighborhood.

• CAP approach

  CAP return

  Valuation

  6%

  $1,186,387

  6.5%

  $1,095,127

  7%

  $1,016,903

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,172,001

  Geo Method

  $1,172,001

• Alternative Use

  Use

  Valuation

  Residential

  $1,095,127

  Hospitality

  $1,003,130

  Educational

  $834,593

  Medical

  $863,296

  Retail

  $1,298,255

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.6587

Longitude

-73.9608

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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