1021 Manhattan AveBrooklyn, NY 11222

Property Details for 1021 Manhattan Ave

Year built

1931

Lot size

0.04 AC

Property size (Sq ft)

5,500 SF

Zone code

R7A

Property type

Investment properties

Property subtype

Live-work space

APN

02512-0049

APU

25120049

Description

This prime Greenpoint, Brooklyn mixed-use property offers a compelling investment opportunity. Located on Manhattan Avenue, this 5,500 square foot, seven-unit apartment building boasts a current NOI of $233,784 and a 6.49% cap rate. The asking price is $3,600,000, translating to $654.55 per square foot. Currently operating at 75% occupancy, with three units potentially vacant at closing, this presents a chance to increase revenue. The building, last renovated in 2015 (including electrical upgrades), sits in an R-7A zone with a C2-4 commercial overlay, allowing for an additional 2,005 square feet of buildable space (verification with an architect is recommended). This property is situated in a Qualified Opportunity Zone, offering significant tax advantages. This is a rare chance to acquire a stabilized, income-producing asset in a rapidly developing neighborhood.

• CAP approach

  CAP return

  Valuation

  6%

  $909,314

  6.5%

  $839,367

  7%

  $779,412

• Comparable approach

  Method

  Valuation

  Relative Method

  $718,630

  Geo Method

  $718,630

• Alternative Use

  Use

  Valuation

  Residential

  $1,040,815

  Hospitality

  $953,381

  Educational

  $793,202

  Medical

  $820,481

  Retail

  $1,233,870

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.7339

Longitude

-73.9551

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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