Utica Ave Brooklyn, NY 11203

Property Details for 0 Utica Ave

Year built

1931

Property size

3,810 SF

Property type

Mixed-use properties

Property subtype

Apartment buildings

Description

This exceptional mixed-use property at 956 Utica Avenue in Brooklyn, NY, presents a compelling value-add investment opportunity. The three-story, 3,810 square foot building, constructed in 1931 and renovated five years ago, boasts five units: a ground-floor commercial space currently occupied by a beauty salon, and four two-bedroom residential apartments. Each apartment features a full kitchen and bathroom, hardwood floors, and 10-foot ceilings with stainless steel appliances. The building sits on a 2,000 square foot lot and is zoned R5 (1.25) with a C2-2 Overlay (1.0). The current NOI is $36,659, with a pro-forma NOI projected at $151,259, reflecting a significant upside potential. The current occupancy rate is 80%, as of January 24, 2023. The asking price is $1,800,000, representing a price per square foot of $472.44 and a price per unit of $360,000. The building features a finished basement with access to a backyard and courtyard, along with a new gas boiler and gas water heater. The property benefits from its location on a busy street with high foot traffic, proximity to public transportation (B46 bus and 3, 4, and 5 train lines), and nearby amenities including retail stores, supermarkets, and restaurants. The significant rental upside potential, combined with the possibility of converting the ground floor unit into a larger space or duplex, makes this a truly remarkable investment opportunity. The current market rents for similar two-bedroom units in the area are approximately $2,500 per month, offering substantial room for rent increases.

Location Insight

City

Brooklyn

County

Kings

State

New York

Longitude

-73.9299

Latitude

40.6478