Combined Residential Income
For Sale
$725,000
1615 Ave I 414-415, Brooklyn, NY 11230
The co-op combines two residences and requires substantial renovation.
Property Size1,700 SF
Price / SF$426.47
Days on Market17
Property Features for 1615 Ave I 414-415
General Information
Standard status
Active
Size
1,700 SF
Property subtype
Apartment
Property Condition
Severity
Repairs Needed
Evidence
in need of significant renovation
Additional Details
Public Transit
Yes
Multifamily Units
1
Amenities
doormen
dedicated security
garage parking
laundry room
additional storage available for rent
Building Details
Building Size
1,700 SF
Year Built
1941
Listing Agency:
Howard Hanna NYC
Listed By:
Steven B Levine
(646) 417-2364
Source:
Howardhannanyc
Added: Sep 23
Changed: Oct 8
Last Checked: Oct 7 at 5:47PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Howard Hanna NYC
Investment Insights
Based on property information with market context.
This 1,700-square-foot co-op combines a two-bedroom apartment with a one-bedroom apartment. The residence needs significant renovation, and its existing layout spans multiple rooms. The building was constructed in 1941 and includes doorman service, dedicated security, garage parking, and a laundry room. Additional storage may be rented, subject to availability.
The property is one block from the subway, with city bus service, retail, restaurants, and daily conveniences nearby. The public library, Brooklyn College, and Touro University are also in the surrounding area.
The property is one block from the subway, with city bus service, retail, restaurants, and daily conveniences nearby. The public library, Brooklyn College, and Touro University are also in the surrounding area.
Key Highlights
- Combined two‑bedroom and one‑bedroom co‑op totaling 1,700 square feet
- Significant renovation is needed
- Building dates to 1941
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$51,899
Cap Rate
7.16%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,037,980
$1.0M
Cap Rate 7%
$741,414
$741.4K
Cap Rate 9%
$576,656
$576.7K
Market Conditions
NOI Build-Up for 1,700 SF
Gross rent
$96.3K $56.64/SF
− Vacancy
−$1.9K −$1.13/SF
EGI
$94.4K $55.51/SF
− OpEx
−$42.5K −$24.98/SF
NOI
$51.9K $30.53/SF
Area
Brooklyn, NY
Vacancy
2.00%
Lease Rate
$56.64 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,037,980
Cap Rate 7%
$741,414
Cap Rate 9%
$576,656
Alternative Uses
Best Use
Apartment 5plus
$741.4K
$648.7K – $865.0K
NOI $51,899 @ 7.0% cap · market cap 7.16%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.41M
$1.23M – $1.64M
NOI $98,532 @ 7.0% cap · market cap 13.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
4,960
Businesses Nearby
Explore this area
Business Placement
Demographics for 11230, NY
91,391
Population
34,269
Households
2.7
Avg Household Size
35
Median Age
44%
College-Educated
82%
High-School Grad
1.8 sq mi
ZIP Area
50,773
Density / Sq Mi
$69,522
Median Household Income
$43,135
Median Earnings
$1,734
Median Rent
$863,400
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - The co-op combines two residences and requires substantial renovation.
Where is this residential income property located?
The property is located at 1615 Ave I 414-415 Brooklyn, NY.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Combined two‑bedroom and one‑bedroom co‑op totaling 1,700 square feet; Significant renovation is needed; Building dates to 1941
