673 Livonia AveBrooklyn, NY 11207

Property Details for 673 Livonia Ave

Year built

1930

Lot size

0.23 AC

Property size (Sq ft)

8,300 SF

Zone code

R6

Property type

Manufacturing properties

APN

03808-0001

APU

38080001

Description

This exceptional 10,000 square foot commercial land parcel presents a remarkable development opportunity in Brooklyn, New York. Located at 673 Livonia Avenue, this corner lot boasts a substantial 200-foot wraparound frontage, maximizing visibility and accessibility. Currently improved with a 1-story warehouse, the property offers significant as-of-right buildable square footage. With R6/C2-3 zoning, the site allows for a large-scale mixed-use development plan, potentially reaching 30,000 buildable square feet as-of-right, and up to 48,000 square feet with the utilization of community facility allowances. The property's strategic location in East New York provides unparalleled convenience, situated just two blocks from the Pennsylvania Avenue subway station, offering easy access to the 2, 3, 4, and 5 subway lines. Nearby amenities include the Brooklyn Public Library, Hyde Leadership Charter Middle School, and the Martin Luther King Jr. Playground. This vibrant neighborhood is experiencing significant growth, with over a dozen new buildings developed within a half-mile radius, indicating a strong and promising market. The asking price for this exceptional development opportunity is $2,900,000. This is a rare chance to acquire a substantial property in a rapidly developing area with excellent transit access and strong community infrastructure. Don't miss this chance to capitalize on the potential of this prime Brooklyn location.

• CAP approach

  CAP return

  Valuation

  6%

  $3,061,840

  6.5%

  $2,826,310

  7%

  $2,624,430

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,735,160

  Geo Method

  $1,735,160

• Alternative Use

  Use

  Valuation

  Retail / Commercial

  $1,449,320

  Mixed-Use / Specialty

  $1,444,150

  Hospitality / Lodging

  $1,059,530

  Office

  $1,435,570

  Institutional / Educational

  $1,501,340

  Residential Income

  $1,756,560

  Multifamily

  $2,106,730

  Automotive / Energy

  $1,286,860

  Parking / Income-Based Land

  $444,079

  Restaurant / Food Service

  $751,114

  Healthcare / Senior Housing

  $1,480,950

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.6653

Longitude

-73.8919

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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