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    577 New Lots Ave Brooklyn, NY 11207

    Sponsored
    For Sale
    $2,250,000

    11-Unit Apartment Building, 7.25% Cap Rate

    Property size:
    5,778 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This well-maintained 11-unit apartment building in Brooklyn, New York, presents a compelling investment opportunity. Located at 577 New Lots Avenue, this Class B property boasts 5,778 square feet of net rentable space and was built in 1915. A significant renovation in 2015 ensures minimal immediate capital expenditure needs. The building benefits from a protected 2B Tax Class, limiting annual tax increases to a maximum of 8% or 30% over five years. Eight of the eleven residential units are rent-stabilized, yet current leases offer preferential rents, presenting a potential 15% upside in legal rents. Each unit enjoys excellent light and air thanks to side and rear air shafts, contributing to efficient layouts. Tenants are responsible for their own electric, heat, and hot water, minimizing landlord expenses. The property's convenient location, within two blocks of the 3-train at Van Siclen Avenue, provides easy access to Atlantic Terminal and the Financial District within 30-45 minutes. The asking price is $2,250,000, offering a 7.25% capitalization rate. This property is ideal for investors seeking a stable, low-maintenance income stream with significant upside potential.

    Property Features for 577 New Lots Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    5,778 SF
    Class
    B

    Building Details

    Year Built
    1915
    Units
    11

    HighLights

    • $2,250,000 asking price for an 11‑unit apartment building.
    • Well‑maintained Class B building, renovated in 2015, requiring no immediate capital improvements.
    • Significant rental upside potential; rent‑stabilized units with preferential rents offer approximately 15% increase in legal rents.
    • Excellent natural light and ventilation due to side and rear air shafts.
    • Separate utilities (electric, heat, and hot water) paid by tenants.
    • Protected 2B tax class, limiting annual tax increases to 8% or 30% over five years.
    Property Profile Location Intelligence

    Current Use by Public Records

    PESA SERVICES Notary Public Let's Pass Math ... Tutoring Service Blossom Caribbean Restaurant Restaurant Trendsettas Beauty Salon Beauty Salon Howa African Hairbraiding Beauty Salon

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Clothing Store Nail Salon Food Market Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.887427863161
    Latitude
    40.664365288956

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    FAQs

    What type of property is this?
    Multifamily property - 11-Unit Apartment Building, 7.25% Cap Rate
    Where is this multifamily property located?
    The property is located at 577 New Lots Ave Brooklyn, NY.
    What is the asking price?
    The asking price for this property is $2,250,000.
    What are key features of this property?
    This property features: $2,250,000 asking price for an 11-unit apartment building.; Well-maintained Class B building, renovated in 2015, requiring no immediate capital improvements.; Significant rental upside potential; rent-stabilized units with preferential rents offer approximately 15% increase in legal rents.
    Request Owner's contact information
    577 New Lots Ave Brooklyn, NY 11207
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    Brooklyn, NY 11207
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    577 New Lots Ave Brooklyn, NY 11207
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