2222 Fulton St Brooklyn, NY 11233

Property Details for 2222 Fulton St

Property size

2,400 SF

Property type

Commercial real estate

Description

This three-story, 2,400 square foot apartment building at 2222 Fulton Street in Brooklyn, NY (zip code 11233) presents a compelling value-add investment opportunity. The property features three two-bedroom units, each with a full kitchen and bathroom, and a living/dining area. All units are individually metered for gas and electric. The building sits on a 2,000 square foot lot and is zoned R6 (2.43), offering significant potential. Currently boasting 100% occupancy, the property generates a pro-forma NOI of $66,773, representing a 4.45% pro-forma cap rate at the asking price of $1,500,000 ($625/sq ft and $500,000/unit). The first floor has access to a basement and backyard. Significant upside potential exists through renovations and leveraging the available 2,460 square feet of air rights to expand the building. The building's location in Ocean Hill offers convenient access to Downtown Brooklyn and Manhattan via the A, C, and L trains at Broadway Junction. Note: The first and third-floor tenants are on month-to-month leases. The second-floor tenant is vacating, and the seller will provide a $2,500/month compensation for six months to the new owner. This property is ideal for both owner-occupants and developers seeking to capitalize on the burgeoning Ocean Hill market.