509 Liberty AveBrooklyn, NY 11207

Property Details for 509 Liberty Ave

Year built

1930

Lot size

0.06 AC

Property size (Sq ft)

5,000 SF

Zone code

M14R6A

Property type

Office buildings

APN

03961-0026

APU

39610026

Description

This exceptional mixed-use property at 509 Liberty Avenue in Brooklyn, NY, presents a compelling investment opportunity. The 4,375 square foot building, situated on a 2,500 square foot lot, is a two-story, 25-foot wide corner structure currently housing a ground floor funeral home and two residential apartments above: a two-bedroom and a one-bedroom unit. The property boasts significant development potential, with permitted zoning of M1-4/R6A allowing for a seven-story mixed-use building. This could include ground floor retail space and six floors of two-bedroom apartments, each with abundant natural light, full kitchens and bathrooms, and individual heating and cooling systems. Alternatively, the existing apartments can be renovated and rented at market rates, while the commercial space could be leased to a variety of businesses. The building's location is highly advantageous, just one block from the J and Z subway lines at Fulton Street and Van Siclen Avenue, in an area experiencing substantial growth. The current annual income is projected at $125,700, with annual expenses estimated at $39,732.04, resulting in a projected net operating income of $85,967.96. The asking price is $1,850,000. Additional air rights of 3,125 square feet further enhance the property's development potential. This is a rare opportunity to acquire a mixed-use property in a rapidly developing Brooklyn neighborhood.

• CAP approach

  CAP return

  Valuation

  6%

  $826,649

  6.5%

  $763,061

  7%

  $708,557

• Comparable approach

  Method

  Valuation

  Relative Method

  $653,300

  Geo Method

  $653,300

• Alternative Use

  Use

  Valuation

  Residential

  $946,196

  Hospitality

  $866,710

  Educational

  $721,093

  Medical

  $745,892

  Retail

  $1,121,700

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.6754

Longitude

-73.8912

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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