518 Meeker Ave Brooklyn, NY 11222-5275
- Apartment buildings
- 9,682 SF
- 0.05 lot acres
Current Use by Public Records
- 518 Meeker Avenue / Apartment Rental Agency
Property Details for 518 Meeker Ave
- Year built
- 2005
- Lot size
- 0.05 lot acres
- Property size
- 9,682 SF
- Zone code
- R6
- Property type
- Apartment buildings
- APN
- 02827-0131
- APU
- 28270131
Description
This exceptional six-story elevator building at 518 Meeker Avenue in Brooklyn, NY (zip code 11222) presents a compelling investment opportunity. The property boasts 9,684 square feet on a 2,200 square foot lot and features ten residential units, offering a price per unit of $425,000 and an asking price of $4,250,000. The building's layout includes two apartments per floor on floors one through four, a three-bedroom floor-through unit on the fifth floor, and a two-bedroom floor-through unit on the sixth floor. Two ground floor studio units benefit from outdoor space, while upper units feature rear balconies. All units enjoy 10-foot ceilings and abundant natural light. Each apartment is equipped with attractive wood floors, a well-designed living/dining area, a full kitchen featuring granite countertops and stainless steel appliances, and a beautifully tiled full bathroom. Individual gas and electric meters are installed, along with in-unit water heaters and central HVAC systems, plus laundry hookups. The building is fully sprinklered, and the basement provides ten storage spaces, plus additional storage in the hallways and super space. Roof access offers excellent city views. While a prior tax abatement has expired, a settlement agreement with the Housing Preservation and Development (HPD) limits future tax increases to a maximum of 30%. Rent stabilization applies to the units, with the expectation of removal in nine years. The Department of Housing and Community Renewal (DHCR) records are available from 2010 to the present. This property's combination of features, location, and potential for future rent increases makes it an attractive investment with significant upside potential. The building is zoned R6. The current net operating income (NOI) is $278,921, resulting in a 6.60% cap rate and a pro-forma cap rate of 6.56%.
Value Estimations
-
AI approach
- Method
- Estimation
- ML approach
- $345,000
-
Comparable approach
- Method
- Estimation
- AI Estimate
- $361,000
Market price range: $355k - $581k
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Location Insight
- Map
- Local Demand
- City
- Brooklyn
- County
- Kings
- State
- New York
- Longitude
- -73.9435
- Latitude
- 40.7202
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
