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    2218 Fulton St Brooklyn, NY 11233

    Sponsored
    For Sale
    $1,500,000

    $1.5M, 2400 SF, High Potential

    Property size:
    2,400 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This three-story, 2,400 square foot mixed-use building at 2218 Fulton Street in Brooklyn, NY, presents a compelling redevelopment opportunity. Currently featuring a ground-floor church, a two-bedroom apartment on the second floor, and another on the third, the property boasts 80% occupancy and a pro-forma NOI of $66,773, yielding a 4.45% cap rate. Individual electric and gas meters are in place. The building sits on a 2,000 square foot lot and benefits from an additional 2,460 square feet of air rights, allowing for significant expansion. Zoned R6 (2.43), this property offers substantial upside potential through renovations and leveraging air rights to increase unit size and rental income. The apartments each include a full kitchen and bathroom, and a living/dining area. The convenient location in Ocean Hill, near the Broadway Junction Station (A, C, and L trains), provides easy access to Downtown Brooklyn and Manhattan. This is an ideal investment for both users seeking a live-work space and developers aiming to capitalize on the area's growth and the property's considerable expansion potential. The building is currently generating $66,773 in net operating income. The asking price is $1,500,000, representing a price per square foot of $625.

    Property Features for 2218 Fulton St

    General Information

    Property type
    Mixed-use properties
    Square Feet
    2,400 SF
    Class
    C

    Building Details

    Buildings
    1
    Stories
    3
    Units
    2

    HighLights

    • Prime investment opportunity: Renovate apartments and achieve market rents. Individual unit utilities possible.
    • Excellent user opportunity: Ground floor commercial space, owner‑occupied upper unit, plus rental income.
    • Exceptional development potential: Renovate, increase unit sizes using 2,460 sq ft air rights, and maximize rental income.
    • Highly desirable location: Ocean Hill, Brooklyn; convenient access to Downtown Brooklyn and Manhattan via Broadway Junction (A, C, L trains).
    Property Profile Location Intelligence

    Current Use by Public Records

    Upper Room Baptist ... Religious Institution Rehoboth International Fellowship Religious Institution

    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
    -73.9075488
    Latitude
    40.6779423

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    FAQs

    What type of property is this?
    Mixed-use property - $1.5M, 2400 SF, High Potential
    Where is this mixed-use property located?
    The property is located at 2218 Fulton St Brooklyn, NY.
    What is the asking price?
    The asking price for this property is $1,500,000.
    What are key features of this property?
    This property features: Prime investment opportunity: Renovate apartments and achieve market rents. Individual unit utilities possible.; Excellent user opportunity: Ground floor commercial space, owner-occupied upper unit, plus rental income.; Exceptional development potential: Renovate, increase unit sizes using 2,460 sq ft air rights, and maximize rental income.
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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
    2218 Fulton St Brooklyn, NY 11233
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