1647 8th Ave Brooklyn, NY 11215-5643

Property Details for 1647 8th Ave

Year built

1923

Lot size

0.04 lot acres

Property size

3,972 SF

Zone code

R5B

Property type

Apartment buildings

APN

01113-0005

APU

11130005

Description

This exceptional six-unit apartment building, located in the highly desirable Park Slope neighborhood of Brooklyn, New York, presents a compelling value-add investment opportunity. The property, situated at 1647 8th Avenue, boasts a prime location just steps from Prospect Park and the F/G subway lines, and a block from the vibrant 7th Avenue commercial corridor. Built in 1923 and extensively renovated in 2018, this three-story building (3,972 square feet on a 1,957 square foot lot) features five two-bedroom units and one one-bedroom unit, each equipped with its own hot water tank and split unit HVAC system. The building is currently operating at 100% occupancy, generating a Net Operating Income (NOI) of $227,452, representing a 4.55% cap rate. A pro-forma NOI of $275,618 projects a 5.52% cap rate, reflecting significant upside potential due to below-market rents on several units with leases expiring soon. The current asking price is $4,995,000 ($832,500 per unit and $1,257.55 per square foot). The building benefits from a protected tax class, limiting future tax increases, and offers additional amenities including a shared yard, tenant lounge, storage cages, and laundry facilities in the common basement. The R5B zoning designation ensures future flexibility. This property offers a rare combination of strong cash flow, significant value-add potential, and a prime location in one of Brooklyn's most sought-after neighborhoods.

Location Insight

City

Brooklyn

County

Kings

State

New York

Longitude

-73.9834

Latitude

40.6603

CBSA code

35620

CBSA name

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

Property Tax & Assessments