901 Dekalb Ave Brooklyn, NY 11221-5289

Property Details for 901 Dekalb Ave

Year built

1931

Lot size

0.06 lot acres

Property size

6,500 SF

Zone code

R6A

Property type

Retail residential properties

APN

01777-0045

APU

17770045

Description

This exceptional 4-story mixed-use building at 901 Dekalb Avenue in Brooklyn, NY (zip code 11221), presents a compelling investment opportunity. The 7,500 square foot property sits on a 2,500 square foot lot and boasts 14 units: 12 studio apartments and two commercial spaces. Currently, the two commercial units are leased to established tenants under month-to-month agreements (vape shop and electronics store). Nine of the twelve studio apartments are vacant, offering significant value-add potential for the investor. The remaining three studios are also on month-to-month leases. All units are individually metered, with tenants responsible for their utilities. The building is zoned R6A/C2-4 and is entirely free-market, not subject to rent stabilization. Market rents for comparable studio apartments in the neighborhood average over $2,350 per month. The property offers a current NOI of $208,940 and a 7.08% cap rate, with a pro-forma NOI of $306,172 and a pro-forma cap rate of 10.38%. Conveniently located on the north side of Dekalb Avenue between Throop Avenue and Marcus Garvey Boulevard, the property enjoys easy access to public transportation, with the G train (Myrtle-Willoughby station) a short walk away and the B38 bus on the same block. This is a rare opportunity to acquire a well-positioned multifamily asset in a thriving Brooklyn neighborhood with substantial upside potential. The asking price is $2,950,000.

Location Insight

City

Brooklyn

County

Kings

State

New York

Longitude

-73.9406

Latitude

40.6928

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments