5221 Flatlands Avenue, Brooklyn, NY 11234
- $9,000,000
- List Price
- $9,000,000
- Price Change
- ▼ $500,000 1743030757
- Days on Market
- 584
- Foreclosure
- Yes
- MLS#
- 807492
- Status
- ACTIVE
- Property Type
- Multi Family
- Year Built
- 2009
- Property Tax
- $128,531
- School District
- Brooklyn 22
- High School
- Midwood High School
- Jr. High
- Jhs 78 Roy H Mann
- Elementary School
- Ps 236 Mill Basin
Property Description
Fully Occupied 24-Unit Investment Property in Old Mill Basin, Brooklyn Located in the highly desirable Old Mill Basin section of Brooklyn, this fully occupied 24-unit brick building presents a prime opportunity for investors with significant upside potential. Each unit is equipped with separate HVAC systems and individual hot water tanks, with tenants responsible for all utilities except water, keeping operating costs low. The building features 16 covered parking spaces, 10 storage units, and a laundry room, unlocking major potential for added revenue. Key Highlights: 16 on-site parking spots (projected: $67,200/year at $350/month) 10 storage units (projected: $33,000/year at $275/month) Laundry room income (projected: $9,000/year outsourced) Total projected additional income: $109,200/year NOI: $478,505 | Projected Cap Rate: 5.0% 15-Year Tax Abatement Expired Low common area expenses Viewings by appointment only Ideal for 1031 Exchange or long-term investors This property offers immediate cash flow with room to increase income, making it a smart addition to any real estate portfolio.
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Additional Information
- Parking
- Underground
- Stories
- 3
- Basement
- None
- Heating
- ENERGY STAR Qualified Equipment, Forced Air, Hot Air
- Cooling
- Central Air, ENERGY STAR Qualified Equipment, Separate Meters
- Water
- Public
- Sewer
- Public Sewer
Mortgage Calculator
Listing courtesy of Listing Agent: Reginald Brannen (reggienbb@aol.com) from Listing Office: Blue Key Real Estate Brokerage.
Listings courtesy of OneKey® MLS as distributed by MLS GRID. Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.