224 Manhattan Avebrooklyn, NY 11206

Property Details for 224 Manhattan Ave

Year built

1920

Lot size

0.04 AC

Property size (Sq ft)

4,936 SF

Zone code

R6B

Property type

Investment properties

Property subtype

Live-work space

APN

02788-0002

APU

27880002

Description

This exceptional mixed-use property at 224 Manhattan Avenue in Brooklyn, NY, 11206, presents a rare investment opportunity. Offered at $2,700,000, this building boasts a compelling blend of residential and commercial income streams. The structure comprises five residential units, each a two-bedroom, one-bathroom apartment. Currently, the building is partially vacant and features year-to-year tenants only. Adding to its appeal is a commercial space, recently renovated in 2015 and previously operated as a bar. This versatile space offers significant potential for a variety of businesses. The building's location in the vibrant Brooklyn neighborhood provides easy access to local amenities, transportation, and a thriving community. This is a unique chance to acquire a well-positioned mixed-use property with established income and significant upside potential. The building has not been on the market since the 1970s, making this a truly exceptional offering. Private showings are currently required. The square footage is not currently available.

• CAP approach

  CAP return

  Valuation

  6%

  $816,068

  6.5%

  $753,294

  7%

  $699,487

• Comparable approach

  Method

  Valuation

  Relative Method

  $644,938

  Geo Method

  $644,938

• Alternative Use

  Use

  Valuation

  Residential

  $934,084

  Hospitality

  $855,616

  Educational

  $711,863

  Medical

  $736,345

  Retail

  $1,107,342

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.7109

Longitude

-73.9453

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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