577 New Lots Ave Brooklyn, NY 11207

Property Details for 577 New Lots Ave

Year built

1915

Lot size

0.06 lot acres

Property size

5,778 SF

Zone code

R5

Property type

Retail residential properties

APN

04088-0038

APU

40880038

Description

This well-maintained 11-unit apartment building in Brooklyn, New York, presents a compelling investment opportunity. Located at 577 New Lots Avenue, this Class B property boasts 5,778 square feet of net rentable space and was built in 1915. A significant renovation in 2015 ensures minimal immediate capital expenditure needs. The building benefits from a protected 2B Tax Class, limiting annual tax increases to a maximum of 8% or 30% over five years. Eight of the eleven residential units are rent-stabilized, yet current leases offer preferential rents, presenting a potential 15% upside in legal rents. Each unit enjoys excellent light and air thanks to side and rear air shafts, contributing to efficient layouts. Tenants are responsible for their own electric, heat, and hot water, minimizing landlord expenses. The property's convenient location, within two blocks of the 3-train at Van Siclen Avenue, provides easy access to Atlantic Terminal and the Financial District within 30-45 minutes. The asking price is $2,250,000, offering a 7.25% capitalization rate. This property is ideal for investors seeking a stable, low-maintenance income stream with significant upside potential.

Location Insight

City

Brooklyn

County

Kings

State

New York

Longitude

-73.8875

Latitude

40.6645

CBSA code

35620

CBSA name

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

Property Tax & Assessments