Seven-Story Multifamily with
1613 Mermaid Avenue Brooklyn, NY 11224
1613 Mermaid Avenue, Brooklyn, NY, 11224
$6,500,000
For Sale
$6,500,000
COMMERCIAL - Other - Brooklyn, NY
Property Size15,986 SF
Price / SF$406.61
Days on Market63
Property Features for 1613 Mermaid Avenue
General Information
- Property type
- Commercial Sale
- Property subtype
- Other
- Bedrooms
- 45
- Bathrooms
- 16
- Rooms
- Bathroom 8, Bedroom 2, Bedroom 38, Bedroom 6, Bedroom 7, Bedroom 37, Bathroom 1, Bedroom 21, Bedroom 1, Bedroom 10, Bedroom 42, Bedroom 12, Bedroom 13, Bedroom 14, Bathroom 13, Bathroom 7, Bathroom 3, Bedroom 36, Bedroom 32, Bedroom 29, Bedroom 43, Bedroom 15, Bedroom 24, Bedroom 40, Bathroom 10, Bedroom 18, Bedroom 19, Bedroom 4, Bedroom 23, Bedroom 28, Bedroom 30, Bathroom 2, Bathroom 4, Bathroom 6, Bedroom 33, Bedroom 16, Bedroom 25, Bathroom 11, Bathroom 12, Bedroom 45, Bedroom 11, Bedroom 22, Bedroom 27, Bedroom 31, Bedroom 9, Bedroom 5, Bedroom 39, Bedroom 26, Bedroom 34, Bathroom 9, Bathroom 14, Bedroom 3, Bedroom 8, Bedroom 17, Bathroom 5, Bedroom 35, Bathroom 15, Bedroom 44, Bedroom 20, Bedroom 41, Bathroom 16
- Standard status
- Active
Building Details
- Architectural style
- Other
Listing agency
Compass
(646) 982-0353
Listed by
Sarah Sawyer · License #10301214928
Added: May 21 Updated: Jul 22 at 5:57AM Checked: Jul 22 at 9:06AM
MLS# 11779824
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.
Investment Insights
Based on property information with market context.
1613 Mermaid Avenue is a recently constructed seven-story elevator multifamily building built in 2020. The property includes 16 residential apartments, eight parking spaces, and a laundry facility.
The building is located in Coney Island, about one block to Surf Avenue and two blocks to Nathan’s. The offering is described as being near major transportation lines and the Coney Island Boardwalk, beaches, and waterfront corridor.
As presented, the financing and operating profile includes a 421A tax exemption, currently in year 8 of 15 and extending through June 30, 2034. Current average rents are approximately $2,805 per apartment, with projected annual residential income of approximately $538,500, plus additional revenue generated from parking and laundry operations.
The building is located in Coney Island, about one block to Surf Avenue and two blocks to Nathan’s. The offering is described as being near major transportation lines and the Coney Island Boardwalk, beaches, and waterfront corridor.
As presented, the financing and operating profile includes a 421A tax exemption, currently in year 8 of 15 and extending through June 30, 2034. Current average rents are approximately $2,805 per apartment, with projected annual residential income of approximately $538,500, plus additional revenue generated from parking and laundry operations.
Key Highlights
- 1613 Mermaid Avenue is a recently built 7‑story elevator mixed‑use property (built 2020) totaling approx. 15,986 SF.
- 16 residential apartments with an average current rent of approx. $2,805 per apartment and projected annual residential income of $538,500.
- On‑site amenities include a laundry facility and 8 parking spaces.
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 Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Bergen Basin Realty
Real Estate Agency
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Built in 2020, this seven-story elevator building offers 16 apartments plus on-site laundry and eight parking spaces.
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: 1613 Mermaid Avenue is a recently built 7‑story elevator mixed‑use property (built 2020) totaling approx. 15,986 SF.; 16 residential apartments with an average current rent of approx. $2,805 per apartment and projected annual residential income of $538,500.; On‑site amenities include a laundry facility and 8 parking spaces.
