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    1502 Mermaid Ave Brooklyn, NY 11224

    Sponsored
    For Sale
    $2,599,000

    3,360 SF Lot, R7A Zoning, High Demand

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional 3,360 square foot lot, located at 1502 Mermaid Avenue in Brooklyn, New York (zip code 11224), presents a remarkable development opportunity. Currently occupied by Sneaker Town and Best Choice Cleaners (vacant at closing), this property boasts highly favorable R7A zoning with a C2-4 commercial overlay. This allows for a substantial buildable area of 13,440 square feet, based on a Floor Area Ratio (FAR) of 4 – verification with an architect is recommended. The 40' x 84' lot is situated in a prime location within Coney Island, an area experiencing high demand for housing. This makes it an ideal acquisition for a builder seeking to capitalize on the robust real estate market. The property's corner location further enhances its desirability. Its suitability as a 1031 exchange property adds to its investment appeal. Please note that the current commercial tenants should not be disturbed. This is a truly exceptional opportunity for a savvy investor.

    Property Features for 1502 Mermaid Ave

    General Information

    Property type
    Land

    HighLights

    • 3,360 square foot lot at 1502 Mermaid Avenue, Brooklyn, NY 11224.
    • Currently occupied by Sneaker Town and Best Choice Cleaners (vacant at closing).
    • R7A zoning with C2‑4 commercial overlay allows for a 13,440 square foot buildable area (FAR 4.0).
    • 40' x 84' corner lot in high‑demand Coney Island.
    • Suitable for 1031 exchange.
    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 Nail Salon Clothing Store Food Market Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings (Brooklyn)
    State
    New York
    Longitude
    -73.9828145
    Latitude
    40.5767317

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    FAQs

    What type of property is this?
    Land - 3,360 SF Lot, R7A Zoning, High Demand
    Where is this land located?
    The property is located at 1502 Mermaid Ave Brooklyn, NY.
    What is the asking price?
    The asking price for this property is $2,599,000.
    What are key features of this property?
    This property features: 3,360 square foot lot at 1502 Mermaid Avenue, Brooklyn, NY 11224.; Currently occupied by Sneaker Town and Best Choice Cleaners (vacant at closing).; R7A zoning with C2-4 commercial overlay allows for a 13,440 square foot buildable area (FAR 4.0).
    Request Owner's contact information
    1502 Mermaid Ave Brooklyn, NY 11224
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    Brooklyn, NY 11224
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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
    1502 Mermaid Ave Brooklyn, NY 11224
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