3517 Avenue I Brooklyn, NY 11210

Property Details for 3517 Avenue I

Year built

1915

Property size

2,922 SF

Property type

Apartment buildings

Description

This exceptional three-family brick building, located at 3517 Avenue I in Brooklyn, New York (zip code 11210), presents a compelling value-add investment opportunity. The property, built in 1915 and renovated in 2010, boasts 2,922 square feet of net rentable space spread across three stories. The building features three units, configured as two 2-bedroom units and one 1-bedroom unit. Each unit has its own separate boiler and hot water system, and tenants are responsible for all utilities. Currently, all units are occupied by tenants paying rent, although no formal leases are in place. This presents a chance to increase rental income by adjusting rents to market rates. The property includes a private driveway and a one-car garage, adding to its appeal. Its convenient location in the heart of East Flatbush offers easy access to Flatbush Junction, Brooklyn College, Midwood High School, and Target. Public transportation is readily available, with proximity to the 2 and 5 trains and various bus lines. The property is zoned R6 and has a Kings County APN of 07581-0002. The asking price is $1,050,000, with a current cap rate of 3.50%. This low cap rate is primarily due to below-market rents, offering significant potential for increased profitability. This is a rare opportunity to acquire a well-located, multi-family property with substantial upside potential in a thriving Brooklyn neighborhood.