356 Miller Ave Brooklyn, NY 11207

Property Details for 356 Miller Ave

Property type

Residential income homes

Description

This exceptional three-family building located at 356 Miller Ave, Brooklyn, NY 11207, presents a compelling investment opportunity. The property is in excellent condition and currently comprises four units, offering significant income potential. The basement unit, a vacant two-bedroom, one-bathroom apartment, has a projected rental value of $2,500 per month. The first-floor unit, a three-bedroom apartment, is currently vacant and estimated to rent for $3,500 monthly. The second-floor unit, also a three-bedroom, is currently rented for $3,300 per month. Finally, the third-floor three-bedroom apartment is currently rented for $2,600, but has a projected rental value of $3,500 per month. This translates to a projected gross annual income of $159,600. With annual taxes of $2,770, water costs of $1,500, and insurance premiums of $3,000, the projected net annual income is $152,330. This results in a capitalization rate of 13%. Showings are by appointment only. The property is situated in Kings County and offers easy access to various amenities and transportation options. This is a rare opportunity to acquire a well-maintained multi-family property in a desirable Brooklyn location with substantial upside potential. The asking price is $1,150,000.