Seven-Story Elevator Apartment
For Sale
$6,500,000
1613 Mermaid Avenue, Brooklyn, NY 11224
Commercial Sale, Brooklyn, NY
Property Size15,986 SF
Price / SF$406.61
Days on Market159
Property Features for 1613 Mermaid Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
45
Bathrooms
16
Full bathrooms
16
Rooms
Bedroom 32, Bedroom 5, Bedroom 12, Bedroom 23, Bedroom 44, Bedroom 37, Bathroom 5, Bathroom 7, Bedroom 14, Bedroom 6, Bedroom 4, Bedroom 9, Bedroom 43, Bedroom 11, Bedroom 30, Bathroom 11, Bedroom 41, Bedroom 17, Bedroom 13, Bedroom 38, Bathroom 9, Bathroom 12, Bedroom 42, Bedroom 26, Bedroom 34, Bedroom 39, Bathroom 1, Bedroom 35, Bathroom 8, Bedroom 25, Bathroom 4, Bathroom 13, Bedroom 21, Bedroom 36, Bathroom 6, Bedroom 33, Bedroom 3, Bedroom 1, Bedroom 18, Bedroom 40, Bathroom 2, Bedroom 8, Bathroom 16, Bedroom 22, Bedroom 45, Bathroom 15, Bedroom 29, Bathroom 14, Bedroom 15, Bedroom 16, Bedroom 2, Bedroom 10, Bedroom 20, Bedroom 27, Bedroom 19, Bathroom 3, Bathroom 10, Bedroom 31, Bedroom 7, Bedroom 24, Bedroom 28
Subdivision
Coney Island
High school district
000000
Standard status
Active
Size
15,986 SF
Additional Details
Tenant in Place
Yes
Amenities
laundry facility
Building Details
Architectural style
Other
Listing Agency:
Compass
(646) 982-0353
Listed By:
Sarah Sawyer
Added: May 21
Changed: Oct 26
Last Checked: Oct 26 at 2:06AM
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.
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Investment Insights
Based on property information with market context.
Constructed in 2020, this seven-story elevator apartment building contains approximately 15,986 square feet with 16 residential apartments. The property also includes eight parking spaces and a laundry facility, providing a practical mix of residential and ancillary improvements.
Located at 1613 Mermaid Avenue in Brooklyn, the building sits between West 16th and West 17th Streets, one block from Surf Avenue and two blocks from Nathan's hot dogs. The Coney Island Boardwalk, beaches, New York Aquarium, Luna Park, Maimonides Park, retail conveniences, and the Stillwell Avenue transportation hub are nearby.
The property benefits from a 421A tax exemption currently in year 8 of 15, extending through June 30, 2034. Its modern construction and elevator service support the 16-unit residential configuration.
Located at 1613 Mermaid Avenue in Brooklyn, the building sits between West 16th and West 17th Streets, one block from Surf Avenue and two blocks from Nathan's hot dogs. The Coney Island Boardwalk, beaches, New York Aquarium, Luna Park, Maimonides Park, retail conveniences, and the Stillwell Avenue transportation hub are nearby.
The property benefits from a 421A tax exemption currently in year 8 of 15, extending through June 30, 2034. Its modern construction and elevator service support the 16-unit residential configuration.
Key Highlights
- 2020 construction with approximately 15,986 square feet
- 16 residential apartments in a seven‑story elevator building
- Eight on‑site parking spaces and a laundry facility
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$580,292
Cap Rate
8.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$11,605,840
$11.6M
Cap Rate 7%
$8,289,886
$8.3M
Cap Rate 9%
$6,447,689
$6.4M
Market Conditions
NOI Build-Up for 15,986 SF
Gross rent
$1.06M $66.00/SF
− Vacancy
−$126.6K −$7.92/SF
EGI
$928.5K $58.08/SF
− OpEx
−$348.2K −$21.78/SF
NOI
$580.3K $36.30/SF
Area
Brooklyn, NY
Vacancy
12.00%
Lease Rate
$66.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$11,605,840
Cap Rate 7%
$8,289,886
Cap Rate 9%
$6,447,689
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 authorities.
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Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
1,939
Businesses Nearby
Explore this area
Business Placement
Demographics for 11224, NY
46,019
Population
21,354
Households
2.2
Avg Household Size
46
Median Age
33%
College-Educated
82%
High-School Grad
1.6 sq mi
ZIP Area
28,762
Density / Sq Mi
$41,449
Median Household Income
$41,233
Median Earnings
$905
Median Rent
$512,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Modern residential property with on-site parking, laundry facilities, and a 421A tax exemption.
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: 2020 construction with approximately 15,986 square feet; 16 residential apartments in a seven‑story elevator building; Eight on‑site parking spaces and a laundry facility
