238 Melrose StBrooklyn, NY 11206

Property Details for 238 Melrose St

Year built

1931

Lot size

0.11 AC

Property size (Sq ft)

22,500 SF

Zone code

R6

Property type

Office buildings

APN

03164-0010

APU

31640010

Description

This vacant, mixed-use building at 238 Melrose Street in Brooklyn, NY, presents a compelling redevelopment opportunity. The 17,556-square-foot property, classified as Class C, sits on a 5,000-square-foot lot (50' x 100' lot line, 45' x 95' building base) and is zoned R6, allowing for significant residential development potential. Currently a four-story structure, the building is entirely vacant and offers a clean slate for a new project. The existing structure includes a ground floor laundromat, a freight elevator, and artist studios on the upper floors. The asking price is $7,000,000, translating to $398.72 per square foot. Detailed information, including surveys, floor plans, an environmental report, and additional photos, are available upon request. This property is an exceptional investment for developers seeking a prime location in a rapidly growing Brooklyn neighborhood. The building's size and zoning provide ample flexibility for a variety of residential projects. Don't miss this chance to acquire a key piece of Brooklyn real estate.

• CAP approach

  CAP return

  Valuation

  6%

  $3,719,922

  6.5%

  $3,433,774

  7%

  $3,188,505

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,939,850

  Geo Method

  $2,939,850

• Alternative Use

  Use

  Valuation

  Residential

  $4,257,880

  Hospitality

  $3,900,195

  Educational

  $3,244,917

  Medical

  $3,356,514

  Retail

  $5,047,648

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.7014

Longitude

-73.93

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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