671 Metropolitan Ave Brooklyn, NY 11211

Property Details for 671 Metropolitan Ave

Year built

1899

Property size

1,600 SF

Property type

Commercial real estate

Description

This exceptional Class A multifamily investment property, located at 671 Metropolitan Avenue in Brooklyn, NY 11211, presents a compelling opportunity for owner-users or value-add investors. The 1,600 square foot building, constructed in 1899 and extensively renovated in 2017, boasts three units, each a spacious three-bedroom apartment with two full bathrooms. The ground floor unit features a living/dining area, full kitchen, and backyard access. The upper two floors offer floor-through apartments with similar layouts, all featuring nice wood floors, ample closet space, and modern kitchens equipped with stainless steel appliances, including washers, dryers, microwaves, and dishwashers. Common hallway storage closets are also available. Individual gas and electric meters for each unit enhance efficiency. The property sits on a 1,376 square foot lot and benefits from 4,134 square feet of available air rights, zoned R7A. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $166,414, with a pro-forma NOI of $177,214, resulting in a current cap rate of 5.55% and a pro-forma cap rate of 5.91%. The asking price is $3,000,000, representing a price per unit of $1,000,000 and a price per square foot of $1,875. The building's prime location, one block from Graham Avenue with its diverse restaurants and retail, and convenient access to the L train, further enhances its investment potential. This property offers a blend of immediate income and significant upside potential.