Seven-Story Multifamily Elevator
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:
- 24
- Last Refresh:
- Jun 13 at 2:06 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
- Built in 2020, seven‑story elevator mixed‑use building with approx. 15,986 SF in Coney Island
- Contains 16 residential apartments and a laundry facility
- Includes 8 parking spaces
- Current average rents are approx. $2,805 per apartment, with projected annual residential income of approx. $538,500 plus parking and laundry revenue
- 421A tax exemption: in year 8 of 15, extending through June 30, 2034
- Location: 1 block to Surf Avenue and 2 blocks to Nathan’s hot dogs, between West 16th and West 17th Streets
Overview
1613 Mermaid Avenue is a recently constructed seven-story elevator multifamily building built in 2020, totaling approximately 15,986 square feet. The property includes 16 residential apartments, eight parking spaces, and an on-site laundry facility. The building is presented as a mixed-use investment property, offering modern construction and an elevator-served layout designed for day-to-day tenant convenience.
The asset is located in the Coney Island area, approximately one block to Surf Avenue and two blocks to Nathan’s hot dogs. It sits between West 16th and West 17th Streets, with proximity to the Coney Island Boardwalk and beachfront. The remarks also note nearby major transportation lines, including the Stillwell Avenue transit hub.
For investors and operators seeking a turnkey residential income property, this building provides a defined unit count with supporting amenities on-site through its parking and laundry operations. The offering also highlights a 421A tax exemption, described as in year 8 of 15 and extending through June 30, 2034. Current average rents are reported at approximately $2,805 per apartment, with projected annual residential income of approximately $538,500, plus additional revenue from parking and laundry.
The asset is located in the Coney Island area, approximately one block to Surf Avenue and two blocks to Nathan’s hot dogs. It sits between West 16th and West 17th Streets, with proximity to the Coney Island Boardwalk and beachfront. The remarks also note nearby major transportation lines, including the Stillwell Avenue transit hub.
For investors and operators seeking a turnkey residential income property, this building provides a defined unit count with supporting amenities on-site through its parking and laundry operations. The offering also highlights a 421A tax exemption, described as in year 8 of 15 and extending through June 30, 2034. Current average rents are reported at approximately $2,805 per apartment, with projected annual residential income of approximately $538,500, plus additional revenue from parking and laundry.
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 |
15,986 SF · lease $56.64/SF/yr · vacancy 2.00% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$6.97M
$6.10M – $8.13M
NOI $488,036 @ 7.0% cap · market cap 7.51%
Second Best
—
—
no second resolved use
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 built seven-story residential elevator building with 16 apartments, parking, and laundry on Coney Island.
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: Built in 2020, seven‑story elevator mixed‑use building with approx. 15,986 SF in Coney Island; Contains 16 residential apartments and a laundry facility; Includes 8 parking spaces
