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    1508 Pitkin Ave Brooklyn, NY 11212

    Sponsored
    For Sale
    $1,508,000

    5-unit building, 8% cap rate, high NOI.

    Property size:
    5,700 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional three-story mixed-use building, located at 1508 Pitkin Avenue in the Brownsville section of Brooklyn, Kings County, New York (zip code 11212), presents a compelling investment opportunity. The property boasts 5,700 square feet of net rentable space, currently divided into four large free-market apartments and one commercial unit. The building is fully occupied, offering a 100% occupancy rate and a strong net operating income (NOI) of $120,667, resulting in an attractive 8% capitalization rate. The asking price is $1,508,000, translating to $264.56 per square foot. Built in 1930, this well-maintained property sits on a 2,323 square foot lot and is zoned C4-3. Tenants are responsible for heating costs. The building's strong financial performance is further highlighted by a gross income of $155,240 and a gross rent multiplier (GRM) of 9.72. The presence of a long-term commercial tenant adds to the stability and appeal of this investment. This is a rare opportunity to acquire a well-located, high-performing mixed-use property in a rapidly developing Brooklyn neighborhood.

    Property Features for 1508 Pitkin Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    5,700 SF

    Building Details

    Year Built
    1930
    Stories
    3
    Units
    5

    HighLights

    • Brownsville, Brooklyn multifamily investment opportunity: 4 free‑market apartments & 1 commercial unit.
    • 5,700 SF building, priced at $265/SF.
    • Tenants pay heat.
    • Fully occupied, well‑maintained building with strong tenant history.
    • $155,240 gross annual income, $120,667 net operating income.
    • 9.72 GRM, 8% capitalization rate.
    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
    -73.917871
    Latitude
    40.668383

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    FAQs

    What type of property is this?
    Multifamily property - 5-unit building, 8% cap rate, high NOI.
    Where is this multifamily property located?
    The property is located at 1508 Pitkin Ave Brooklyn, NY.
    What is the asking price?
    The asking price for this property is $1,508,000.
    What are key features of this property?
    This property features: Brownsville, Brooklyn multifamily investment opportunity: 4 free-market apartments & 1 commercial unit.; 5,700 SF building, priced at $265/SF.; Tenants pay heat.
    Request Owner's contact information
    1508 Pitkin Ave Brooklyn, NY 11212
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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
    1508 Pitkin Ave Brooklyn, NY 11212
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