1613 Mermaid Ave, Brooklyn, NY 11224
Newly built mixed-use multifamily with on-site parking and laundry, plus a 421A tax exemption through mid-2034.
- Added:
- Jun 9, 2026
- Days on Market:
- 4
- Last Refresh:
- Jun 11 at 4:46 am
Property Features for 1613 Mermaid Ave
General Information
- Standard status
- Active
- Size
- 15,986 SF
- Property subtype
- Commercial
Building Details
- Year Built
- 2020
Listing agent Sarah Sawyer ([email protected])
Listing office Compass
Listing date Jun 9, 2026
Source Edifyny
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of Compass
HighLights
- Built in 2020: seven‑story elevator building with approx. 15,986 SF
- 16 residential apartments plus 8 on‑site parking spaces and a laundry facility
- Average rents approx. $2,805 per apartment; projected annual residential income approx. $538,500 (plus parking and laundry revenue)
- 421A tax exemption: year 8 of 15, extending through June 30, 2034
- Located in Coney Island: 1 block to Surf Avenue and 2 blocks to Nathan’s hot dogs
- Between West 16th and West 17th Streets, near the Coney Island Boardwalk and major transportation lines
Overview
Located at 1613 Mermaid Avenue in Coney Island, the property is about one block to Surf Avenue and about two blocks to Nathan’s hot dogs. It sits near the Coney Island Boardwalk and beaches, with access to major transportation lines described in the offering. The asset is positioned between West 16th and West 17th Streets, with the nearby Stillwell Avenue transportation hub providing direct subway access to Manhattan, as noted in the remarks.
From an ownership perspective, the building currently benefits from a valuable 421A tax exemption, stated to be in year 8 of 15 and extending through June 30, 2034. The offering remarks also include current average rents of approximately $2,805 per apartment, along with estimated annual residential income and additional revenue from parking and laundry operations. For qualified buyers seeking a modern, income-producing multifamily asset in a waterfront Brooklyn submarket, this property presents a practical combination of in-building amenities and structured tax benefits.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $905.4k | $56.64 |
| − Vacancy | −$18.1k | −$1.13 |
| EGI | $887.3k | $55.51 |
| − OpEx | −$399.3k | −$24.98 |
| NOI | $488.0k | $30.53 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Brooklyn
- County
- Kings
- State
- New York
- Longitude
- -73.984113
- Latitude
- 40.576947
