461 Milford St Brooklyn, NY 11208

Property Details for 461 Milford St

Year built

1920

Property size

1,728 SF

Property type

Commercial real estate

Description

This exceptional Class A multifamily investment property, located at 461 Milford Street in Brooklyn, NY 11208, presents a compelling opportunity for both users and investors. The 1,728 square foot building, constructed in 1920 and extensively renovated in 2020, boasts two 3-bedroom apartments, each with its own full bathroom and updated kitchen featuring nice wood floors and tiled finishes. The building sits on a 2,200 square foot lot and includes an additional 1,022 square feet of air rights, offering significant potential for expansion. The property features a full, column-free basement with 7-foot ceilings, accessible from both the interior and exterior, currently housing two gas boilers and two water heaters, along with a utility room and a full bathroom. The basement's potential for conversion into additional living space, a home office, or gym is substantial. Each unit has its own boiler and water heater, allowing for individual tenant responsibility for heating costs. Currently operating at 100% occupancy, the property generates a strong net operating income (NOI) of $58,737, resulting in a pro-forma cap rate of 6.28%. The asking price is $935,000, representing a price per unit of $467,500 and a price per square foot of $541.09. The property is conveniently located near the A train at Euclid Avenue and the 2, 3, and 4 trains at New Lots Avenue, providing easy access to Manhattan. The permitted zoning is R5. This property offers a rare blend of immediate income generation and significant value-add potential, making it an ideal investment in a thriving Brooklyn neighborhood.

Location Insight

City

Brooklyn

County

Kings

State

New York

Longitude

-73.874652

Latitude

40.6678298