168 Havemeyer StBrooklyn, NY 11211

Property Details for 168 Havemeyer St

Year built

1950

Lot size

0.07 AC

Property size (Sq ft)

16,638 SF

Zone code

R6

Property type

Office buildings

APN

02420-0030

APU

24200030

Description

This exceptional Williamsburg, Brooklyn medical building presents a compelling investment opportunity. The 10,549 square foot, four-story property is situated on a 3,045 square foot lot at 168 Havemeyer Street, boasting dual frontage on Havemeyer Street and South 3rd Street. Currently 100% occupied with a diverse mix of medical tenants, the building features medical-related retail space on the ground floors and medical office space on the upper levels. These long-standing tenants, operating for over 15 years, contribute to a strong net operating income (NOI) of approximately $900,000, with annual rent increases of 4%. Built in 1950, the building is well-maintained and benefits from a flexible zoning designation (R6, C1-3), offering a 2.2 floor area ratio (FAR) for residential use. This allows for potential future conversion of the upper floors to residential units, significantly enhancing long-term value. Located in a thriving area of Williamsburg, this property is ideal for investors seeking immediate cash flow and future development potential within the vibrant Brooklyn medical market. The property's address is 168 Havemeyer Street, Brooklyn, NY 11211.

• CAP approach

  CAP return

  Valuation

  6%

  $2,750,758

  6.5%

  $2,539,162

  7%

  $2,357,793

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,173,921

  Geo Method

  $2,173,921

• Alternative Use

  Use

  Valuation

  Residential

  $3,148,560

  Hospitality

  $2,884,064

  Educational

  $2,399,508

  Medical

  $2,482,030

  Retail

  $3,732,568

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.7112

Longitude

-73.9581

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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