Brooklyn Mixed-Use Investment
1613 Mermaid Avenue, Brooklyn, NY 11224
New
Commercial Building, Low-rise - Brooklyn, NY
Property size:
15,986 SFPrice / SF:
$406/SF- Added:
- May 21, 2026
- Days on Market:
- 2
- Last Refresh:
- May 22 at 1:06 pm
Property Features for 1613 Mermaid Avenue
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Bedrooms
- 45
- Bathrooms
- 16
- Rooms
- Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 5, Laundry
- Parking features
- Garage
- Standard status
- Active
- Size
- 15,986 SF
Taxes and HOA fees
- Tax Annual Amount
- 0
Building Details
- Architectural style
- Other
Listing agent Sarah Sawyer (917) 854-1898
Listing office Compass 90 Fifth Avenue, 3rd Floor, New York, NY (646) 982-0353
Listing date May 21, 2026
MLS# 11779824
Listing URL
Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Valuable 421A tax exemption in place through June 30, 2034.
- Newly constructed (2020) seven‑story elevator building features 16 residential apartments.
- Located in the heart of Coney Island, amidst a $1B waterfront development.
- Strong income potential with current average rents of $2,805 per apartment and additional revenue from parking and laundry.
- Prime location: 1 block to Surf Avenue, 2 blocks to Nathan's, moments from the Coney Island Boardwalk and beaches.
- Includes 8 parking spaces and a laundry facility.
Overview
Located in the heart of Coney Island, 1613 Mermaid Avenue is a recently constructed mixed-use investment property. The seven-story elevator building, built in 2020, spans approximately 15,986 square feet and includes 16 residential apartments, eight parking spaces, and a laundry facility. The property is located one block from Surf Avenue and two blocks from Nathan's hot dogs, within the Coney Island waterfront corridor. The property is ideally located between West 16th and West 17th Streets, moments from the Coney Island Boardwalk and beaches. Current average rents are approximately $2,805 per apartment, with projected annual residential income of $538,500, plus additional revenue from parking and laundry operations. A 421A tax exemption is currently in year 8 of 15 and extends through June 30, 2034. Residents have immediate access to the beach, Luna Park, the New York Aquarium, Maimonides Park, and retail conveniences. The Stillwell Avenue transportation hub provides direct subway access to Manhattan. This property is positioned within one of Brooklyn’s recognizable and evolving waterfront neighborhoods and is part of a $1B investment into the Coney Island waterfront corridor.
Financial Insights
Value Estimation Calculated for Mixed Use
Conservative
$6.45M
NOI $580,292 @ 9.00% cap · cautious / downside scenario
Moderate
$8.29M
NOI $580,292 @ 7.00% cap · market / base-case scenario
Aggressive
$11.61M
NOI $580,292 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Mixed Use
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.06M | $66.00 |
| − Vacancy | −$126.6k | −$7.92 |
| EGI | $928.5k | $58.08 |
| − OpEx | −$348.2k | −$21.78 |
| NOI | $580.3k | $36.30 |
15,986 SF · lease $66.00/SF/yr · vacancy 12.00% · expense 37.50%
Alternative Use Scenarios
Best Use
Mixed Use
$8.29M
$7.25M – $9.67M
NOI $580,292 @ 7.0% cap · market cap 8.93%
Second Best
Apartment 5plus
$6.97M
$6.10M – $8.13M
NOI $488,036 @ 7.0% cap · market cap 7.51%
Theoretical Best
Specialty Retail
$13.24M
$11.58M – $15.44M
NOI $926,549 @ 7.0% cap · market cap 14.25%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Bergen Basin Realty
Real Estate Agency
Location Insight
- Map
- Local Demand
- City
- Brooklyn
- County
- Kings
- State
- New York
- Longitude
- -73.984113
- Latitude
- 40.576947
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Recently constructed mixed-use building in Coney Island with tax benefits.
Where is this apartment building located?
The property is located at 1613 Mermaid Avenue Brooklyn, NY.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: Valuable 421A tax exemption in place through June 30, 2034.; Newly constructed (2020) seven‑story elevator building features 16 residential apartments.; Located in the heart of Coney Island, amidst a $1B waterfront development.
