2877 West St Brooklyn, NY 11224
- Mixed-use properties
Current Use by Public Records
- Mixed-use properties
Property Details for 2877 West St
- Property type
- Mixed-use properties
Description
This exceptional eight-unit mixed-use property, located at 2877 West 20th Street in Brooklyn, NY 11224, presents a compelling investment opportunity. The fully renovated building boasts a mix of unit sizes, including two one-bedroom apartments and six studios, all currently occupied and generating substantial monthly income of $11,461.00 ($137,532.00 annually). The property features separate gas and electric meters for each unit, offering efficiency and potential for increased rental income. The building's recent upgrades include a new roof, a sprinkler system, and a gas boiler (recently converted from oil). Many apartments and stairways have been modernized and updated. The building sits on a 20 ft x 117.58 ft lot (building size 20 ft x 55 ft) and is zoned R5. A significant advantage is the large backyard, offering potential for expansion. The property's convenient location near the train, shopping on Neptune Avenue, and the beach adds to its appeal. The building is exceptionally well-maintained and free of violations. Detailed financial records, including the current DHCR (Division of Housing and Community Renewal) report, are available, showcasing a projected 7% cap rate. This turnkey investment requires minimal effort, allowing for immediate rental income collection. The current gross income is $137,532.00, with expenses of $28,568.00.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Brooklyn
- County
- 36047
- State
- New York
- Longitude
- -73.9867
- Latitude
- 40.5768
