Flatlands Ave
Multifamily | 24 Units | $375,000/unit
Marketing description
BEST OFFER….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.
Investment highlights
Calling All investors. 3 Story 24 unit building. Old Mill Basin area. Unused 16 garage parking spots. Expired 421A tax abatement. GOI $548,160. Potential profit increase $109,200
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