Sunset Park Multifamily Investment
For Sale
$1,900,000
853 53rd Street, Brooklyn, NY 11220
Two-family houses package deal in Sunset Park location.
Property Size2,000 SF
Price / SF$950
Days on Market920
Property Features for 853 53rd Street
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$5,326
Building Details
Year Built
1910
Listing Agency:
Momentum Real Estate LLC
Listed By:
Priscilla Tran
(718) 382-0001
Source:
Exitrealty
Added: Apr 23, 2024
Changed: Oct 25
Last Checked: Sep 15 at 5:20AM
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 Momentum Real Estate LLC
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This package deal features two 2-family houses situated on a combined 40x100 lot. Located in the Sunset Park neighborhood, the properties benefit from R6 zoning with a FAR of 4.8, allowing for up to 19,200 square feet of development. This presents a significant opportunity for builders and investors looking to capitalize on a prime 8th Ave location.
Key Highlights
- Prime 8th Ave Sunset Park location.
- R6 zoning with FAR 4.8 allowing up to 19,200 sf development.
- Combined 40x100 lot size.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$59,549
Cap Rate
3.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,190,980
$1.2M
Cap Rate 7%
$850,700
$850.7K
Cap Rate 9%
$661,656
$661.7K
Market Conditions
NOI Build-Up for 2,000 SF
Gross rent
$88.8K $44.40/SF
− Vacancy
−$3.7K −$1.86/SF
EGI
$85.1K $42.54/SF
− OpEx
−$25.5K −$12.76/SF
NOI
$59.5K $29.77/SF
Area
ZIP 11220
Vacancy
4.20%
Lease Rate
$44.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,190,980
Cap Rate 7%
$850,700
Cap Rate 9%
$661,656
Alternative Uses
Best Use
Multifamily LT 5
$850.7K
$744.4K – $992.5K
NOI $59,549 @ 7.0% cap · market cap 3.13%
Second Best
Apartment 5plus
$761.9K
$666.7K – $888.9K
NOI $53,333 @ 7.0% cap · market cap 2.81%
Theoretical Best
Office A
$1.30M
$1.13M – $1.51M
NOI $90,758 @ 7.0% cap · market cap 4.78%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Open Analytics
Location Intelligence
Trade Area within ½ mile
7,809
Businesses Nearby
Explore this area
Business Placement
Demographics for 11220, NY
105,797
Population
30,897
Households
3.4
Avg Household Size
35
Median Age
25%
College-Educated
62%
High-School Grad
1.7 sq mi
ZIP Area
62,234
Density / Sq Mi
$64,201
Median Household Income
$31,489
Median Earnings
$1,688
Median Rent
$1,021,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two-family houses package deal in Sunset Park location.
Where is this duplex located?
The property is located at 853 53rd Street Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Prime 8th Ave Sunset Park location.; R6 zoning with FAR 4.8 allowing up to 19,200 sf development.; Combined 40x100 lot size.
