6101 23Rd Ave Brooklyn, NY 11204

Property Details for 6101 23Rd Ave

Property size

5,030 SF

Property type

Commercial real estate

Description

This vacant, six-unit apartment building presents a compelling value-add investment opportunity in the desirable Bensonhurst neighborhood of Brooklyn, New York. Located at 6101 23rd Avenue, this three-story building sits on a 2,500 square foot lot (21.25' x 100') with building dimensions of 21.25' x 79', totaling 5,030 gross square feet. The property features five spacious two-bedroom apartments and one three-bedroom apartment, all currently vacant and requiring renovation. This presents a significant opportunity to increase value by modernizing the units and leasing them at market rates, projected to generate approximately $210,000 in annual revenue. The building is fully deregulated, offering significant upside potential. Recent improvements include a new sewer line (installed last year) and a hot water heater replacement (2020). One parking space is located at the rear of the building. The property's prime location offers convenient access to public transportation, including the B6 and B9 bus lines and the F train, and is situated across the street from PS226 elementary school. The asking price is $1,988,000, representing a price per unit of $331,333.33 and a price per square foot of $395.23. While the current NOI is $176,000 and the cap rate is 0.89%, the pro-forma NOI is also $176,000, with a pro-forma cap rate of 8.85%. This property is a rare find in a thriving Brooklyn neighborhood.