Listed by Meridian Capital Group Midtown
$2,800,000
1731 Pitkin Avenue, Brooklyn, NY 11212
Details
Property Type Retail, Multifamily
Square Footage 8,772
Cap Rate 7.10%
NOI $212,400
Year Built 1930
Year Renovated 2020,2021
Zoning C4-3, R6
Ground Lease No
100% Free Market | 2020 Sub-Rehab | 6 Apartments & 1 Retail | 8,772 GSF
Marketing description
Built in 1930 and substantially rehabilitated in 2020 & 2021, 1731 Pitkin Avenue is a four-story walk-up apartment building totaling 8,772 square feet, comprised of six residential units and one ground-floor retail space with basement storage. The property is situated between Osborn Street and Thatford Avenue in the Brownsville neighborhood of Brooklyn, New York. Brownsville is a dynamic and historic Brooklyn neighborhood known for its strong sense of community, cultural depth, and ongoing growth. The area features a mix of residential buildings, neighborhood parks, and local retail corridors, reflecting its longstanding character and resilience.
The Property is 100% Free Market offering investors a turnkey mixed-use investment with durable cash flow.
Investment highlights
- A 2020 sub-rehab repositioned the pre-war mixed-use asset with a near gut-renovation which included fully upgraded building systems such as, a new roof, windows, electrical (with separate subpanels per unit), full plumbing replacement, and new water service. The interior has been reconfigured with new unit layouts, modern kitchens and bathrooms, insulation, and finishes, resulting in a fully modernized, turnkey building.
- All six residential units are Free-Market. This is a very attractive feature considering the strict regulatory environment and the passing of the HSTPA rent laws in June 2019.
- The Property is taxed under Tax Class 2B which includes rental apartment buildings (7–10 units) that receive protected, capped assessment increases. Assessments may not rise more than 8% annually or 30% over five years, providing higher net operating income to investors as compared to other larger, less protected properties.
- This mixed-use asset is 100% occupied and offers an investor a turnkey investment opportunity with diversified income and durable cash flow.
- Positioned along a busy commercial corridor, the property benefits from strong foot traffic and proximity to neighborhood retail amenities. The asset is well-served by nearby subway lines [3 & L] lines and bus routes providing direct connectivity to Manhattan and Brooklyn.
- This mixed-use asset benefits from strong commercial tenancy with a nail salon, Nail Perfect Lash, that recently completed a full-interior renovation to support long-term operations and enhance customer experience. Nail Perfect Lash, is secured under a long-term lease with approximately 10 years remaining providing stable in-place income.
Listing Contacts
Listed by Meridian Capital Group Midtown
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$212,400.00
$17,700.00/mo
Valuation Metrics
0
DSCR
7.59%
Cap Rate
7.59%
ROI
Map
Zoning
R6 ResidentialMulti FamilyGeneral Residence
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View all 99 uses Last updated Jun 22, 2026 For deeper zoning details, reports are available at Zoneomics
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