822 Lenox Rd Brooklyn, NY 11203
- Commercial real estate
Current Use by Public Records
- Commercial real estate
Property Details for 822 Lenox Rd
- Property type
- Commercial real estate
Description
This exceptional three-unit apartment building, located at 822 Lenox Road in the vibrant East Flatbush neighborhood of Brooklyn, New York, presents a compelling investment opportunity. Priced at $949,000, this Class B property boasts a current cap rate of 7.00%, with a pro forma projection of 9.5%. Each of the three units is currently rented, offering immediate cash flow. Recent renovations have enhanced the property's value and appeal, and the units are currently rented below market value, presenting a significant opportunity for future rent increases. The building's location provides convenient access to public transportation, with the 2, 3, 4, and 5 subway lines at the Sutter Avenue - Rutland Road station nearby, along with the B46 and B35 bus lines. Situated between East 51st and East 52nd streets, this property benefits from its proximity to local amenities and services. The strong rental demand in East Flatbush, coupled with the property's recent renovations and below-market rents, makes this a highly attractive investment with substantial value-add potential. The price per unit is $316,333.33. This fully occupied, three-family home represents a significant cash-flow generating asset in a desirable Brooklyn location. Detailed financial information is available upon request.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Brooklyn
- County
- Kings
- State
- New York
- Longitude
- -73.9291811
- Latitude
- 40.655243
