Building Details

Building Size 13,497 SF

Year Built 2022

Buildings 1

Stories 4

Units 13

Tenancy Multi

Listing Agency: Legacy Estate Realty h***@gmail.com Show Phone

Listed By: Elana Bernstein Show Phone

Source: Croninreale

Added: Apr 8 Changed: Oct 23 Last Checked: Oct 23 at 9:50AM

Report an Issue

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 Legacy Estate Realty

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

This four-story, elevator-served property in Brooklyn contains 12 residential units, including eight free-market apartments and four affordable units. Ground-floor retail totals 2,223 SF and is occupied by a pawn shop. Building amenities include laundry, accessory storage, bicycle storage, and eight enclosed parking spaces.

The property is zoned R5D and includes a 35-year 421-a tax exemption.

Key Highlights

• 12 residential units: 8 free‑market and 4 affordable
• 2,223 SF of ground‑floor retail occupied by a pawn shop
• Four‑story elevator building

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$412,049

Cap Rate

8.94%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$8,240,980 $8.2M

Cap Rate 7%

$5,886,414 $5.9M

Cap Rate 9%

$4,578,322 $4.6M

Is this asking price fair?

Market Conditions

NOI Build-Up for 13,497 SF

Gross rent

$764.5K $56.64/SF

− Vacancy

−$15.3K −$1.13/SF

EGI

$749.2K $55.51/SF

− OpEx

−$337.1K −$24.98/SF

NOI

$412.0K $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%

$8,240,980

Cap Rate 7%

$5,886,414

Cap Rate 9%

$4,578,322

Alternative Uses

Best Use

Retail

$9.25M

$8.09M – $10.79M (±1% cap)

NOI $647,243 @ 7.0% cap · market cap 14.05%

Second Best

Mixed Use

$7.00M

$6.12M – $8.17M (±1% cap)

NOI $489,941 @ 7.0% cap · market cap 10.63%

Theoretical Best

Specialty Retail

$11.18M

$9.78M – $13.04M (±1% cap)

NOI $782,286 @ 7.0% cap · market cap 16.98%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Contact the owner directly Get the owner's phone numbers and email

Open Analytics

Current Use

J Goldberg Attorney Law Firm Solution Management Business Management Consultant

Suggested Use

Top Pick Law Firm Real Estate Agency Parking Lot & Garage Gym & Fitness Center Skin Care Clinic Acupuncture

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

12

Residential units

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

2,371

Businesses Nearby

Explore this area Business Placement

Demographics for 11236, NY

100,687

Population

37,002

Households

2.7

Avg Household Size

40

Median Age

28%

College-Educated

88%

High-School Grad

3.6 sq mi

ZIP Area

27,969

Density / Sq Mi

$82,813

Median Household Income

$50,244

Median Earnings

$1,637

Median Rent

$710,300

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Similar For Sale Nearby

See more

Mixed-Use Property with Elevator Access

5203-5207 Church Avenue, Brooklyn, NY 11203

$4,450,000

14,700 SF

View details

New Mixed-Use Community Space

1238 63rd Street, Brooklyn, NY 11219

$6,800,000

13,615 SF

View details

New Mixed-Use Community Space

C103-1238 63rd St, Brooklyn, NY 11220

$6,800,000

13,615 SF

View details

Mixed-Use Property with Storefronts

375 61st Street, Brooklyn, NY 11220

$3,500,000

14,400 SF

View details

8-Unit Apartment Building

126 Gatling Place, Brooklyn, NY 11209

$3,300,000

12,800 SF

View details

Mixed-Use Property With Office Suites

705 86th Street, Brooklyn, NY 11228

$3,499,000

12,399 SF

View details

Park Slope Multifamily Limestone Building

176 Prospect Park West, Brooklyn, NY 11215

$8,000,000

14,200 SF

View details

Mixed-Use Property with Duplex

616 Coney Island Avenue, Brooklyn, NY 11218

$4,995,000

10,583 SF

View details

Corner Mixed-Use Retail and Office

6823 5th Ave, Brooklyn, NY 11220

$5,900,000

11,479 SF

View details

Renovated 12-Unit Apartment Building

16 & 18 Lenox Road #12, Brooklyn, NY 11226

$4,650,000

9,834 SF

View details

16-Unit Brick Apartment Building

5206 6th Avenue, Brooklyn, NY 11220

$2,499,900

12,460 SF

View details

Storefront Property with Yoga Center

6322 20th Avenue, Brooklyn, NY 11204

$4,800,000

9,725 SF

View details

Frequently Asked Questions

What type of property is this?

Mixed-use property - The property combines 12 apartments with occupied ground-floor retail and building amenities including laundry and bicycle storage.

Where is this mixed-use property located?

The property is located at 8623 Flatlands Avenue Brooklyn, NY.

What is the asking price?

The asking price for this property is $4,607,000.

What are key features of this property?

This property features: 12 residential units: 8 free‑market and 4 affordable; 2,223 SF of ground‑floor retail occupied by a pawn shop; Four‑story elevator building