641 Central Ave Brooklyn, NY 11207-2160

Property Details for 641 Central Ave

Year built

1920

Lot size

0.06 lot acres

Property size

5,000 SF

Zone code

R6

Property type

Apartment buildings

APN

03441-0008

APU

34410008

Description

This meticulously maintained, three-story apartment building at 641 Central Ave in Brooklyn, NY, presents a compelling investment opportunity. Boasting 5,000 square feet and eight free-market units, this property offers a 6.55% cap rate at an asking price of $2,950,000. The building benefits from significant natural light and air due to its 120-foot corner frontage, allowing for efficient unit layouts. Converted from a four-family to an eight-family dwelling via an alteration 1, this property is entirely free of DHCR regulation. Its convenient location, just two blocks from the Wilson Avenue L-train, provides easy access to North Bushwick, Williamsburg, and Manhattan within 25 minutes. The building is classified under the protected 2A Tax Class, limiting annual tax increases to a maximum of 8% or 30% over five years. Recent renovations and ongoing meticulous maintenance eliminate the need for immediate capital improvements, ensuring a smooth transition for the new owner. The property is zoned R6 and situated in Kings County, zip code 11207. This is a rare opportunity to acquire a well-maintained, high-performing multifamily property in a rapidly appreciating Brooklyn neighborhood.

Location Insight

City

Brooklyn

County

Kings

State

New York

Longitude

-73.9069

Latitude

40.688

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments