1021 Manhattan Ave Brooklyn, NY 11222
- Investment properties
- 5,500 SF
- 0.04 lot acres
Current Use by Public Records
- Greenpoint Natural Market / Health Food Store / Grocery Store
Property Details for 1021 Manhattan Ave
- Year built
- 1931
- Lot size
- 0.04 lot acres
- Property size
- 5,500 SF
- Zone code
- R7A
- Property type
- Investment properties
- Property subtype
- Live-work space
- APN
- 02512-0049
- APU
- 25120049
Description
This prime Greenpoint, Brooklyn mixed-use property offers a compelling investment opportunity. Located on Manhattan Avenue, this 5,500 square foot, seven-unit apartment building boasts a current NOI of $233,784 and a 6.49% cap rate. The asking price is $3,600,000, translating to $654.55 per square foot. Currently operating at 75% occupancy, with three units potentially vacant at closing, this presents a chance to increase revenue. The building, last renovated in 2015 (including electrical upgrades), sits in an R-7A zone with a C2-4 commercial overlay, allowing for an additional 2,005 square feet of buildable space (verification with an architect is recommended). This property is situated in a Qualified Opportunity Zone, offering significant tax advantages. This is a rare chance to acquire a stabilized, income-producing asset in a rapidly developing neighborhood.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Brooklyn
- County
- Kings
- State
- New York
- Longitude
- -73.9551
- Latitude
- 40.7339
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
