1736 Nostrand Ave Brooklyn, NY 11226

Property Details for 1736 Nostrand Ave

Year built

1930

Lot size

0.05 lot acres

Property size

2,700 SF

Zone code

R6

Property type

Investment properties

Property subtype

Live-work space

APN

05173-0033

APU

51730033

Description

This exceptional mixed-use property at 1736 Nostrand Avenue in Brooklyn, NY (zip code 11226), presents a compelling value-add investment opportunity. Currently boasting 100% occupancy, this three-story building offers a 20-foot wide footprint and comprises a ground-floor retail space with basement access, a three-bedroom apartment on the second floor, and a four-bedroom apartment on the third floor. Each unit features a full kitchen and bathroom, and is individually metered for gas and electric, with the meters located in the basement. The building utilizes a gas-powered boiler and water heater. The current Net Operating Income (NOI) stands at $56,926, yielding a 3.80% capitalization rate. However, significant upside potential exists. Rents are currently below market value in this vibrant neighborhood, where comparable three-bedroom units rent for $3,000 and four-bedroom units for $3,750. A pro-forma analysis projects a NOI of $94,126, resulting in a 6.28% capitalization rate. Value-add strategies include modernizing the apartments and installing individual boiler and water heater units in each. Furthermore, the property's air rights allow for expansion, such as duplexing the top floor or developing a five-story mixed-use building. The building's location on a busy block with high foot traffic, near retail stores, supermarkets, restaurants, and public transportation (B44 bus and the 2 & 5 trains one block away) further enhances its appeal. The asking price for this property is $1,500,000.

Location Insight

City

Brooklyn

County

Kings

State

New York

Longitude

-73.9491

Latitude

40.6437

CBSA code

35620

CBSA name

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

Property Tax & Assessments