7623 3Rd AveBrooklyn, NY 11209

Property Details for 7623 3Rd Ave

Year built

1929

Lot size

0.06 AC

Property size (Sq ft)

5,000 SF

Zone code

R6B

Property type

Mixed-use properties

Property subtype

Other investment properties

APN

05950-0001

APU

59500001

Description

This exceptional mixed-use property, located at 7623 3rd Ave in Brooklyn, NY (zip code 11209), presents a compelling investment opportunity. The building, constructed in 1929, boasts a prime 3rd Avenue corner location at 77th Street, offering high visibility and excellent foot traffic. The 5,000 square foot building sits on a 2,500 square foot lot and is zoned R6-B. It comprises three commercial units and four residential units, each a one-bedroom, one-bathroom apartment. Currently operating at 100% occupancy, the property generates a gross annual income of $188,076 and a net operating income (NOI) of $137,323, representing a 4.70% cap rate. The asking price is $2,890,000, translating to $578 per square foot. Recent upgrades have been made to both the building and the apartments. The property's convenient location offers easy access to local amenities, including numerous stores, restaurants, and bakeries. Public transportation is readily available, with the 4 train just one block away. This is a rare opportunity to acquire a well-maintained, high-income-producing mixed-use property in a thriving Brooklyn neighborhood.

• CAP approach

  CAP return

  Valuation

  6%

  $826,649

  6.5%

  $763,061

  7%

  $708,557

• Comparable approach

  Method

  Valuation

  Relative Method

  $653,300

  Geo Method

  $653,300

• Alternative Use

  Use

  Valuation

  Residential

  $946,196

  Hospitality

  $866,710

  Educational

  $721,093

  Medical

  $745,892

  Retail

  $1,121,700

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.6301

Longitude

-74.028

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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