181 Irving AveBrooklyn, NY 11237

Property Details for 181 Irving Ave

Year built

1931

Lot size

0.06 AC

Property size (Sq ft)

4,875 SF

Zone code

R6

Property type

Investment properties

Property subtype

Live-work space

APN

03259-0003

APU

32590003

Description

This exceptional mixed-use property at 181 Irving Avenue in Bushwick, Brooklyn, presents a compelling investment opportunity. The three-story, 4,875 square foot brick building, constructed in 1931, boasts six units: four free-market apartments and two stores. Each apartment features two bedrooms, one bathroom, a living room, and an eat-in kitchen, all updated with modern amenities including hardwood floors, high ceilings, and large windows. Recent renovations include a new roof (approximately four years old), new plumbing, new electric and gas lines, upgraded bathrooms, brand new appliances, and brand new windows throughout. The hallways and basement have also been remodeled, and the basement features a newly renovated space. Separate water meters are installed for the stores. The property also includes a fenced-in backyard and a substantial 25,100 square foot lot. A significant advantage is the potential for an additional 1,200 square feet of buildable space. The building is situated in a prime Bushwick location, approximately one block from the Dekalb L train station, one stop from the Jefferson L train station, and six minutes from the Knickerbocker/Myrtle J, M, and Z train lines. The property is zoned R6, with a FAR of 1.95 and a maximum FAR of 2.43. Currently operating at 100% occupancy, the property generates a strong NOI of $166,647, with a pro-forma NOI of $213,459 and a pro-forma cap rate of 7.57%. The asking price is $2,818,000, representing a current cap rate of 5.91%.

• CAP approach

  CAP return

  Valuation

  6%

  $805,983

  6.5%

  $743,984

  7%

  $690,843

• Comparable approach

  Method

  Valuation

  Relative Method

  $636,968

  Geo Method

  $636,968

• Alternative Use

  Use

  Valuation

  Residential

  $922,541

  Hospitality

  $845,042

  Educational

  $703,065

  Medical

  $727,245

  Retail

  $1,093,657

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.7022

Longitude

-73.9194

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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