1924 Fulton St Brooklyn, NY 11233-5505
- Investment properties
- 3,660 SF
- 0.04 lot acres
Current Use by Public Records
- Yahi Dominican Hair Salon / Hair Salon / Nail Salon
Property Details for 1924 Fulton St
- Year built
- 2005
- Lot size
- 0.04 lot acres
- Property size
- 3,660 SF
- Zone code
- R7D
- Property type
- Investment properties
- Property subtype
- Live-work space
- APN
- 01704-0033
- APU
- 17040033
Description
This exceptional investment opportunity presents three three-story mixed-use buildings totaling 11,250 square feet, situated on a 5,625 square foot lot in prime Brooklyn, NY. The property boasts 12 units: nine apartments and three stores, currently enjoying 100% occupancy. Built in 2005, these buildings benefit from a 421A tax abatement with approximately nine years remaining, significantly reducing operating expenses. Each tenant has separate utilities, simplifying management. Commercial tenants are subject to annual rent increases. The property is conveniently located between Ralph Avenue and Buffalo Avenue, steps from the Ralph Avenue A/C subway station and the B47 bus line. Zoned R7D, C2-4, this Core+ Owner/User investment offers a strong 6.82% cap rate and a Net Operating Income (NOI) of $266,167, with an asking price of $3,900,000 ($346.67/SF and $325,000/unit). The buildings are classified as tax-protected Class 2A. This is a rare opportunity to acquire a well-maintained, high-performing mixed-use portfolio in a rapidly appreciating Brooklyn neighborhood.
Value Estimations
-
Alternative Use
- Use
- Estimation
- COMMERCIAL (GENERAL)
- $1,215,000 Current use
- WAREHOUSE, STORAGE
- $1,835,000 Change: +51% Conversion: Difficult
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Location Insight
- Map
- Local Demand
- City
- Brooklyn
- County
- Kings
- State
- New York
- Longitude
- -73.9222
- Latitude
- 40.6787
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
