518 Meeker AveBrooklyn, NY 11222

Property Details for 518 Meeker Ave

Year built

2005

Lot size

0.05 AC

Property size (Sq ft)

9,682 SF

Zone code

R6

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

02827-0131

APU

28270131

Description

This exceptional six-story elevator building at 518 Meeker Avenue in Brooklyn, NY (zip code 11222) presents a compelling investment opportunity. The property boasts 9,684 square feet on a 2,200 square foot lot and features ten residential units, offering a price per unit of $425,000 and an asking price of $4,250,000. The building's layout includes two apartments per floor on floors one through four, a three-bedroom floor-through unit on the fifth floor, and a two-bedroom floor-through unit on the sixth floor. Two ground floor studio units benefit from outdoor space, while upper units feature rear balconies. All units enjoy 10-foot ceilings and abundant natural light. Each apartment is equipped with attractive wood floors, a well-designed living/dining area, a full kitchen featuring granite countertops and stainless steel appliances, and a beautifully tiled full bathroom. Individual gas and electric meters are installed, along with in-unit water heaters and central HVAC systems, plus laundry hookups. The building is fully sprinklered, and the basement provides ten storage spaces, plus additional storage in the hallways and super space. Roof access offers excellent city views. While a prior tax abatement has expired, a settlement agreement with the Housing Preservation and Development (HPD) limits future tax increases to a maximum of 30%. Rent stabilization applies to the units, with the expectation of removal in nine years. The Department of Housing and Community Renewal (DHCR) records are available from 2010 to the present. This property's combination of features, location, and potential for future rent increases makes it an attractive investment with significant upside potential. The building is zoned R6. The current net operating income (NOI) is $278,921, resulting in a 6.60% cap rate and a pro-forma cap rate of 6.56%.

• CAP approach

  CAP return

  Valuation

  6%

  $1,984,898

  6.5%

  $1,832,213

  7%

  $1,701,341

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,960,828

  Geo Method

  $1,960,828

• Alternative Use

  Use

  Valuation

  Residential

  $1,832,213

  Hospitality

  $1,678,297

  Educational

  $1,396,324

  Medical

  $1,444,345

  Retail

  $2,172,059

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.7202

Longitude

-73.9435

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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