Price Reduced 18.18%
Price History
$11,000,000
12/22/2024
$9,500,000
1/14/2025
$9,000,000
3/26/2025
5221 Flatlands Avenue, New York, (Brooklyn), NY, 11234
2009
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.
Status:
Active
Town:
New York
Type:
Commercial
Units:
24
Heating:
ENERGY STAR Qualified Equipment, Forced Air, Hot Air
Cooling:
Central Air, ENERGY STAR Qualified Equipment, Separate Meters
Basement:
None
Levels:
3
Parking:
Underground
Est. Taxes:
$128,531
Construction
Brick, Cedar, Foam Insulation, Frame
Utilities
Cable Available, Electricity Connected, Natural Gas Available, Natural Gas Connected
Elementary School:
Ps 236 Mill Basin
Middle School:
Jhs 78 Roy H Mann
High School:
Midwood High School
School District:
Community District 22
Days on Market:
107
MLS #:
807492
Community Info
School Info
Walk Score
Mass Transit
Yelp
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Listing courtesy of Blue Key Real Estate Brokerage 718-921-2280