5221 Flatlands Avenue,Brooklyn, NY 11234
Brooklyn, NY 11234
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/yearNOI: $478,505 | Projected Cap Rate: 5.0%15-Year Tax Abatement ExpiredLow common area expensesViewings by appointment onlyIdeal for 1031 Exchange or long-term investorsThis property offers immediate cash flow with room to increase income, making it a smart addition to any real estate portfolio.
Details
| MLS # | 807492 |
|---|---|
| Listing Type | For Sale |
| Style | Multi-Family |
| Sub-Type | Resale |
| Status | Active |
| Year | 2009 |
| Days On Site | 639 |
| Listing Provided By | Blue Key Real Estate Brokerage | Reginald Brannen |
Features
| SQ Feet | 29,152 |
|---|---|
| Story(s) | 3 |
| Units | 24 |
| Building(s) | 1 |
Interior
| Cooling | Central Air, ENERGY STAR Qualified Equipment, Separate Meters |
|---|---|
| Heating | ENERGY STAR Qualified Equipment, Forced Air, Hot Air |
Exterior
| Construction Materials | Brick, Cedar, Foam Insulation, Frame |
|---|---|
| Fencing | Front Yard |
Parking
| Parking Features | Underground |
|---|
Utilities
| Utilities | Cable Available, Electricity Connected, Natural Gas Available, Natural Gas Connected |
|---|---|
| Sewer | Public Sewer |
Location
| Community Features | Other |
|---|
Taxes
| Tax Year | 2025 |
|---|---|
| Tax Annual Amount | 128531 |
| Tax Lot | 39 |
Area Information
| State | NY |
|---|---|
| County | Kings (Brooklyn) |
| City | Brooklyn |
| Zip Code | 11234 |
| School District | Midwood High School |
| Elementary School | Ps 236 Mill Basin |
| High School | Midwood High School |
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Learn More About This Property
| State | NY |
|---|---|
| County | Kings (Brooklyn) |
| City | Brooklyn |
| Zip Code | 11234 |
| School District | Midwood High School |
| Elementary School | Ps 236 Mill Basin |
| High School | Midwood High School |