Property Details for 9623 Avenue M

Property type

Mixed-use properties

Property subtype

Apartment buildings

Description

This exceptional investment opportunity presents a newly renovated, legal three-family home with a vacant storefront in the vibrant Canarsie neighborhood of Brooklyn, New York. Located at 9623 Avenue M, this fully detached, all-brick building boasts a substantial lot size of 30.5 feet by 100 feet, with the building itself measuring 20 feet by 51 feet. Each of the three apartments features five rooms, offering ample living space for tenants. A significant advantage is the inclusion of a vacant storefront, approximately 600 square feet with a 20-foot-wide frontage, presenting considerable rental income potential. Furthermore, a large, finished basement adds extra utility and space. Recent upgrades include a new roof, siding, and boiler, minimizing immediate maintenance concerns. The property benefits from low real estate taxes and is situated in a high-traffic area, conveniently close to various bus routes, including the Manhattan express bus, and the Canarsie pier. The property can be delivered either fully vacant or fully occupied, providing flexibility for the new owner. An attractive feature for potential buyers is the FHA 203K eligibility, allowing for financing with a down payment as low as 3.5% ($42,000 for qualifying buyers). With a projected 7% cap rate, this property represents a compelling investment opportunity with strong potential for rental income and appreciation. The zip code is 11236, and the property is located in Kings County.

Location Insight

City

Brooklyn

County

Kings

State

New York

Longitude

-73.8938

Latitude

40.6372