5221 Flatlands Avenue
New York, NY 11234
Cross street:East 53rd Street

Property

Ownership: For Sale
Type: Multi-Family
Bedrooms: Studio

Financials

Price:$9,000,000
Annual Taxes:$128,531
Real estate tax:$128,531
Listing Courtesy of Blue Key Real Estate Brokerage

Fully Occupied 24 Unit Investment Property in Old Mill Basin, Brooklyn Located in the highly desirable Old Mill Basin section of Brooklyn, this fully occupied 24 unit brick building presents ...

View of building exterior

View of building exterior

View of building exterior
View of building exterior
View of building exterior
View of community
View of side of property featuring brick siding
Kitchen with kitchen peninsula, sink, dark hardwood / wood-style floors, and appliances with stainless steel finishes
Unfurnished room with light wood-type flooring
Corridor with a wealth of natural light and light hardwood / wood-style flooring
Corridor with a wealth of natural light and light hardwood / wood-style flooring
Corridor with a wealth of natural light and light hardwood / wood-style flooring
Kitchen with range, white refrigerator, and sink
View of building exteriorView of building exteriorView of building exteriorView of communityView of side of property featuring brick sidingKitchen with kitchen peninsula, sink, dark hardwood / wood-style floors, and appliances with stainless steel finishesUnfurnished room with light wood-type flooringCorridor with a wealth of natural light and light hardwood / wood-style flooringCorridor with a wealth of natural light and light hardwood / wood-style flooring

Description

Fully Occupied 24-Unit Investment Property in Old Mill Basin, Brooklyn Located in the highly desirable Old Mill Basin section of Brooklyn, this fully occupied 24-unit brick building presents a prime opportunity for investors with significant upside potential. Each unit is equipped with separate HVAC systems and individual hot water tanks, with tenants responsible for all utilities except water, keeping operating costs low. The building features 16 covered parking spaces, 10 storage units, and a laundry room, unlocking major potential for added revenue. Key Highlights: 16 on-site parking spots (projected: $67,200/year at $350/month) 10 storage units (projected: $33,000/year at $275/month) Laundry room income (projected: $9,000/year outsourced) Total projected additional income: $109,200/year NOI: $478,505 | Projected Cap Rate: 5.0% 15-Year Tax Abatement Expired Low common area expenses Viewings by appointment only Ideal for 1031 Exchange or long-term investors This property offers immediate cash flow with room to increase income, making it a smart addition to any real estate portfolio.

Amenities

  • Cable - Available
  • Electricity Connected
  • Natural Gas Available
  • Natural Gas Connected
  • Other

Neighborhood

More listings:

Long Island MLS

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. International currency conversions where shown are estimates based on recent exchange rates and are not official asking prices.

All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.