Brooklyn Mixed-Use Investment
1613 Mermaid Avenue, Brooklyn, NY 11224
Commercial Building, Low-rise - Brooklyn, NY
Property size:
15,986 SFPrice / SF:
$406/SF- Added:
- May 21, 2026
- Days on Market:
- 11
- Last Refresh:
- May 31 at 9:06 am
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 seven‑story elevator building (2020) featuring 16 residential apartments.
- Located in the heart of Coney Island, just 1 block to Surf Avenue.
- Strong income potential with projected annual residential income of $538,500, plus revenue from parking and laundry.
- Includes 8 parking spaces and a laundry facility.
- Proximity to Coney Island Boardwalk, beaches, Luna Park, New York Aquarium, and major transportation.
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. It consists of 16 residential apartments, eight parking spaces, and a laundry facility. The property is situated between West 16th and West 17th Streets, near 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. The property benefits from a 421A tax exemption, currently in year 8 of 15 and extending through June 30, 2034. Residents have access to the beach, Luna Park, the New York Aquarium, Maimonides Park, and retail conveniences. The Stillwell Avenue transportation hub provides subway access to Manhattan. The property is located one block to Surf Avenue and two blocks to Nathan's hot dogs.
Local Financial Insights For Mixed Use
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 | $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 Uses
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
- -73.984296
- Latitude
- 40.576945
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 seven‑story elevator building (2020) featuring 16 residential apartments.; Located in the heart of Coney Island, just 1 block to Surf Avenue.
