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    9623 Avenue M Brooklyn, NY 11236

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    For Sale
    Contact for pricing

    Newly renovated, high-traffic location, great potential.

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional investment opportunity presents a newly renovated, legal three-family home with a vacant storefront in the vibrant Canarsie neighborhood of Brooklyn, New York. Located at 9623 Avenue M, this fully detached, all-brick building boasts a substantial lot size of 30.5 feet by 100 feet, with the building itself measuring 20 feet by 51 feet. Each of the three apartments features five rooms, offering ample living space for tenants. A significant advantage is the inclusion of a vacant storefront, approximately 600 square feet with a 20-foot-wide frontage, presenting considerable rental income potential. Furthermore, a large, finished basement adds extra utility and space. Recent upgrades include a new roof, siding, and boiler, minimizing immediate maintenance concerns. The property benefits from low real estate taxes and is situated in a high-traffic area, conveniently close to various bus routes, including the Manhattan express bus, and the Canarsie pier. The property can be delivered either fully vacant or fully occupied, providing flexibility for the new owner. An attractive feature for potential buyers is the FHA 203K eligibility, allowing for financing with a down payment as low as 3.5% ($42,000 for qualifying buyers). With a projected 7% cap rate, this property represents a compelling investment opportunity with strong potential for rental income and appreciation. The zip code is 11236, and the property is located in Kings County.

    Property Features for 9623 Avenue M

    General Information

    Property type
    Multifamily properties

    HighLights

    • Newly renovated, legal three‑family home with vacant storefront in Canarsie, Brooklyn.
    • Fully detached, all‑brick building on a 30.5' x 100' lot (building: 20' x 51').
    • Three 5‑room apartments and a 600 sq ft vacant storefront with 20' frontage.
    • Large finished basement, new roof, siding, and boiler.
    • Low real estate taxes, high‑traffic location near bus routes (including Manhattan express) and Canarsie pier.
    • FHA 203K eligible, projected 7% cap rate.
    Property Profile Location Intelligence

    Current Use by Public Records

    Shanny's Natural Beauty Hair 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
    -73.89378
    Latitude
    40.637154

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    FAQs

    What type of property is this?
    Multifamily property - Newly renovated, high-traffic location, great potential.
    Where is this multifamily property located?
    The property is located at 9623 Avenue M Brooklyn, NY.
    What are key features of this property?
    This property features: Newly renovated, legal three-family home with vacant storefront in Canarsie, Brooklyn.; Fully detached, all-brick building on a 30.5' x 100' lot (building: 20' x 51').; Three 5-room apartments and a 600 sq ft vacant storefront with 20' frontage.
    Request Owner's contact information
    9623 Avenue M Brooklyn, NY 11236
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    Brooklyn, NY 11236
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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
    9623 Avenue M Brooklyn, NY 11236
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