403 Himrod StBrooklyn, NY 11237

Property Details for 403 Himrod St

Year built

1931

Lot size

0.06 AC

Property size (Sq ft)

4,875 SF

Zone code

R6

Property type

Apartment buildings

APN

03272-0046

APU

32720046

Description

This exceptional three-story, 4,875 square foot retail building located at 403 Himrod Street in Brooklyn, New York, presents a compelling investment opportunity. Priced at $1,200,000, this property boasts a strong 8.14% cap rate and a net operating income (NOI) of $97,671. The building features six fully renovated two-bedroom railroad apartments, ensuring a stable income stream. Each unit has undergone a complete renovation. The property benefits from a protected Tax Class 2A designation, limiting year-over-year property tax increases, providing predictable operating expenses. Situated on a desirable, tree-lined street in Bushwick, the building enjoys excellent accessibility. It's within walking distance of the Myrtle-Wyckoff Avenue L train station and the Wyckoff Ave/Dekalb Ave B13 bus line, offering convenient transportation throughout the five boroughs. The vibrant neighborhood is experiencing significant growth and development, with numerous restaurants, shops, and other amenities nearby, including Maria Hernandez Park just blocks away. The lot size is 2,500 square feet, and the permitted zoning is R6. This turnkey investment offers a rare combination of strong financial performance and a prime location in a rapidly appreciating area. Don't miss this chance to acquire a stable, high-yielding asset in a thriving Brooklyn neighborhood.

• CAP approach

  CAP return

  Valuation

  6%

  $999,419

  6.5%

  $922,541

  7%

  $856,645

• Comparable approach

  Method

  Valuation

  Relative Method

  $987,300

  Geo Method

  $987,300

• Alternative Use

  Use

  Valuation

  Residential

  $922,541

  Hospitality

  $845,042

  Educational

  $703,065

  Medical

  $727,245

  Retail

  $1,093,657

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.7046

Longitude

-73.9157

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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