307 New York Ave Brooklyn, NY 11213
- Investment properties
- 3,135 SF
- 0.04 lot acres
Current Use by Public Records
- Ny Ave Plumbing Heating & Cooling / Plumber
- Brick and Galo Realty / Real Estate Agency / Apartment Rental Agency
Property Details for 307 New York Ave
- Year built
- 1930
- Lot size
- 0.04 lot acres
- Property size
- 3,135 SF
- Zone code
- R6
- Property type
- Investment properties
- Property subtype
- Live-work space
- APN
- 01270-0004
- APU
- 12700004
Description
This exceptional mixed-use property in Brooklyn's Crown Heights neighborhood presents a compelling value-add investment opportunity. The 3-story building, constructed in 1930 and renovated in 2010, boasts 3,135 square feet on a 1,900 square foot lot (19 ft x 100 ft). Currently featuring four units, including two 3-bedroom, 1-bathroom apartments leased at $2,500 per month each until August 1, 2024, and two commercial spaces, the property offers significant upside potential. The current net operating income (NOI) is $10,000 annually, with a projected monthly income ranging from $14,000 to $18,000 upon full occupancy. The asking price is $2,200,000, representing a cap rate of 0.45%. The building dimensions are 19 ft x 55 ft. Property taxes for 2023-2024 were $5,390, with an estimated $5,712 for 2024-2025. The property is zoned R6 and offers vacant possession in August 2024. This presents a unique chance to capitalize on the vibrant Crown Heights market and create substantial returns. The building is classified as Primarily Two Family with One Store or Office (S2).
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
- -73.9475
- Latitude
- 40.669
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
