2224 Fulton St Brooklyn, NY 11233
- Commercial real estate
- 2,400 SF
Current Use by Public Records
- The RIF Church / Religious Institution
Property Details for 2224 Fulton St
- Property size
- 2,400 SF
- Property type
- Commercial real estate
Description
This exceptional three-unit apartment building at 2224 Fulton Street in Brooklyn, New York, presents a compelling value-add investment opportunity. The property boasts a 20-foot wide footprint and comprises three two-bedroom, floor-through units, each featuring a full kitchen, bathroom, and living/dining area. Currently operating at 100% occupancy, the building generates a pro-forma NOI of $66,773, representing a 4.45% pro-forma cap rate on the $1,500,000 asking price. Individual electric and gas meters are in place for each unit. The first floor provides convenient access to the basement and backyard. The building sits on a 2,000 square foot lot and offers significant upside potential. With 2,400 square feet of existing space and an additional 2,460 square feet of air rights, there's ample room for expansion and renovation. The R6 (2.43) zoning permits various development options, including the creation of larger units by extending the building's rear and developing the top floor into a duplex. The property's location in Ocean Hill offers easy access to Downtown Brooklyn and Manhattan via the A, C, and L trains at Broadway Junction, a rapidly developing area with new construction and retail. The current price per unit is $500,000. This property is ideal for both owner-occupants seeking rental income and developers looking to capitalize on the area's growth and the building's development potential.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Brooklyn
- County
- Kings
- State
- New York
- Longitude
- -73.9073421
- Latitude
- 40.6779322
