673 Metropolitan Ave Brooklyn, NY 11211

Property Details for 673 Metropolitan Ave

Year built

1899

Property size

1,600 SF

Property type

Commercial real estate

Description

This exceptional Class A multifamily investment opportunity presents a meticulously renovated three-unit apartment building located at 673 Metropolitan Avenue in Brooklyn, New York, 11211. The property boasts a total of 1,600 square feet, situated on a 1,376 square foot lot, and features an impressive 4,134 square feet of available air rights. Built in 1899 and extensively renovated in 2017, this two-story building is zoned R7A. The building comprises three units: a ground floor two-bedroom, two-bathroom apartment with access to a backyard, and two identical three-bedroom, two-bathroom floor-through apartments on the first and second floors. Each unit features modern stainless steel appliances, in-unit washer/dryer, microwave, and dishwasher, along with attractive hardwood floors and spacious bedrooms with ample closet space. Common hallway storage closets are also available. Individual gas and electric meters are installed for each unit. The property enjoys a prime location, just one block from Graham Avenue, known for its diverse restaurants and retail stores, and conveniently situated near the L train. The current occupancy is 100%, generating a Net Operating Income (NOI) of $149,614, with a pro-forma NOI of $161,614, resulting in a pro-forma cap rate of 5.39%. The asking price is $3,000,000, representing a price per unit of $1,000,000 and a price per square foot of $1,875. This presents a compelling value-add opportunity for owner-users or investors seeking strong returns in a highly desirable Brooklyn location. The projected annual income is $178,800, with total annual expenses of $17,186.

Location Insight

City

Brooklyn

County

Kings

State

New York

Longitude

-73.9466045

Latitude

40.714523