2218 Fulton St Brooklyn, NY 11233
- Commercial real estate
- 2,400 SF
Current Use by Public Records
- Upper Room Baptist Church / Religious Institution
- Rehoboth International Fellowship / Religious Institution
Property Details for 2218 Fulton St
- Property size
- 2,400 SF
- Property type
- Commercial real estate
Description
This three-story, 2,400 square foot mixed-use building at 2218 Fulton Street in Brooklyn, NY, presents a compelling redevelopment opportunity. Currently featuring a ground-floor church, a two-bedroom apartment on the second floor, and another on the third, the property boasts 80% occupancy and a pro-forma NOI of $66,773, yielding a 4.45% cap rate. Individual electric and gas meters are in place. The building sits on a 2,000 square foot lot and benefits from an additional 2,460 square feet of air rights, allowing for significant expansion. Zoned R6 (2.43), this property offers substantial upside potential through renovations and leveraging air rights to increase unit size and rental income. The apartments each include a full kitchen and bathroom, and a living/dining area. The convenient location in Ocean Hill, near the Broadway Junction Station (A, C, and L trains), provides easy access to Downtown Brooklyn and Manhattan. This is an ideal investment for both users seeking a live-work space and developers aiming to capitalize on the area's growth and the property's considerable expansion potential. The building is currently generating $66,773 in net operating income. The asking price is $1,500,000, representing a price per square foot of $625.
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
- -73.9075488
- Latitude
- 40.6779423
