166 Atkins Ave Brooklyn, NY 11208

Property Details for 166 Atkins Ave

Year built

1910

Property size

2,760 SF

Property type

Commercial real estate

Description

This three-family building at 166 Atkins Avenue in Brooklyn, New York, presents a compelling investment opportunity. The property, built in 1910 and renovated in 2020, boasts a total of 2,760 square feet across three stories on a 2,000 square foot lot. The building is currently 100% occupied, generating a Net Operating Income (NOI) of $94,540, with a pro-forma NOI of $103,540. The asking price is $1,250,000, representing a current cap rate of 7.56% and a pro-forma cap rate of 8.28%. The property is zoned R5B (1.35) with a height limit of 33 feet, and includes 860 square feet of air rights. The building comprises three units: a two-bedroom garden apartment on the ground floor, and two additional units, one with three bedrooms and one with four bedrooms, on the upper floors. The units feature nice wood floors, spacious bedrooms, and well-maintained common areas. The ground floor unit includes access to a backyard, as well as the gas boiler and water heater room. The building is currently generating $9,000 in monthly income ($108,000 annually) through a City FHEPS program. The property's location offers excellent residential exposure, situated on a block primarily consisting of two and three-family homes, and just one block from the A and C subway lines at Shepherd and Pitkins Avenues. This property offers a strong value-add potential for both owner-users and investors.