688 Washington AveBrooklyn, NY 11238

Property Details for 688 Washington Ave

Year built

1900

Lot size

0.03 AC

Property size (Sq ft)

2,793 SF

Zone code

R6A

Property type

Investment properties

Property subtype

Live-work space

APN

01153-0032

APU

11530032

Description

This exceptional mixed-use property, located at 688 Washington Avenue in the vibrant Prospect Heights neighborhood of Brooklyn, New York, presents a compelling investment opportunity. The three-story building encompasses 2,793 square feet and features five units: four recently renovated free-market apartments and one commercial unit. All residential units boast updated appliances and split-system heating and cooling, with tenants responsible for all utilities except hot water. The building enjoys 100% occupancy, generating a current Net Operating Income (NOI) of $159,169 and a 5.79% capitalization rate. Pro forma projections indicate a NOI of $175,314 and a 6.38% cap rate, showcasing significant upside potential. Its prime location offers easy access to multiple subway lines (N, R, W, B, Q, 2, 3, 4, and S), and proximity to Prospect Park adds to its desirability. The asking price is $2,750,000, translating to $984.60 per square foot. This is a rare chance to acquire a well-maintained, high-performing asset in a thriving Brooklyn neighborhood. The property's strong cash flow, excellent location, and potential for future appreciation make it an ideal addition to any investment portfolio. The building's current strong occupancy and recent renovations further enhance its appeal. This is a turn-key investment ready for immediate income generation.

• CAP approach

  CAP return

  Valuation

  6%

  $461,766

  6.5%

  $426,246

  7%

  $395,800

• Comparable approach

  Method

  Valuation

  Relative Method

  $364,933

  Geo Method

  $364,933

• Alternative Use

  Use

  Valuation

  Residential

  $528,545

  Hospitality

  $484,144

  Educational

  $402,802

  Medical

  $416,655

  Retail

  $626,581

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.6773

Longitude

-73.964

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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