1508 Pitkin Ave Brooklyn, NY 11212

Property Details for 1508 Pitkin Ave

Year built

1930

Lot size

0.05 lot acres

Property size

5,700 SF

Zone code

C4-3

Property type

Retail residential properties

APN

03514-0035

APU

35140035

Description

This exceptional three-story mixed-use building, located at 1508 Pitkin Avenue in the Brownsville section of Brooklyn, Kings County, New York (zip code 11212), presents a compelling investment opportunity. The property boasts 5,700 square feet of net rentable space, currently divided into four large free-market apartments and one commercial unit. The building is fully occupied, offering a 100% occupancy rate and a strong net operating income (NOI) of $120,667, resulting in an attractive 8% capitalization rate. The asking price is $1,508,000, translating to $264.56 per square foot. Built in 1930, this well-maintained property sits on a 2,323 square foot lot and is zoned C4-3. Tenants are responsible for heating costs. The building's strong financial performance is further highlighted by a gross income of $155,240 and a gross rent multiplier (GRM) of 9.72. The presence of a long-term commercial tenant adds to the stability and appeal of this investment. This is a rare opportunity to acquire a well-located, high-performing mixed-use property in a rapidly developing Brooklyn neighborhood.

Location Insight

City

Brooklyn

County

Kings

State

New York

Longitude

-73.9179

Latitude

40.6684

CBSA code

35620

CBSA name

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

Property Tax & Assessments