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2222 Fulton St Brooklyn, NY 11233

Sponsored
For Sale
$1,500,000

Prime Brooklyn location, value-add opportunity. High occupancy.

Property size:
2,400 SF

Description

Added:
Dec 11, 2024
Days on Market:
408
This three-story, 2,400 square foot apartment building at 2222 Fulton Street in Brooklyn, NY (zip code 11233) presents a compelling value-add investment opportunity. The property features three two-bedroom units, each with a full kitchen and bathroom, and a living/dining area. All units are individually metered for gas and electric. The building sits on a 2,000 square foot lot and is zoned R6 (2.43), offering significant potential. Currently boasting 100% occupancy, the property generates a pro-forma NOI of $66,773, representing a 4.45% pro-forma cap rate at the asking price of $1,500,000 ($625/sq ft and $500,000/unit). The first floor has access to a basement and backyard. Significant upside potential exists through renovations and leveraging the available 2,460 square feet of air rights to expand the building. The building's location in Ocean Hill offers convenient access to Downtown Brooklyn and Manhattan via the A, C, and L trains at Broadway Junction. Note: The first and third-floor tenants are on month-to-month leases. The second-floor tenant is vacating, and the seller will provide a $2,500/month compensation for six months to the new owner. This property is ideal for both owner-occupants and developers seeking to capitalize on the burgeoning Ocean Hill market.

Property Features for 2222 Fulton St

General Information

Property type
Multifamily properties
Square Feet
2,400 SF
Class
B

Building Details

Buildings
1
Stories
3
Units
3

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Listing Contact
Kervin Vales

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Property Insight Report

Property Profile Location Intelligence

Current Use by Public Records

Commercial real estate

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
-73.9073995
Latitude
40.67795

FAQs

What type of property is this?
Multifamily property - Prime Brooklyn location, value-add opportunity. High occupancy.
Where is this multifamily property located?
The property is located at 2222 Fulton St Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,500,000.
More about this property
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