1508 Pitkin AveBrooklyn, NY 11212

For Sale
$1,508,000

5-unit building, 8% cap rate, high NOI.

Overview

Added:
Dec 11, 2024
Days on market:
92
This exceptional three-story mixed-use building, located at 1508 Pitkin Avenue in the Brownsville section of Brooklyn, Kings County, New York (zip code 11212), presents a compelling investment opportunity. The property boasts 5,700 square feet of net rentable space, currently divided into four large free-market apartments and one commercial unit. The building is fully occupied, offering a 100% occupancy rate and a strong net operating income (NOI) of $120,667, resulting in an attractive 8% capitalization rate. The asking price is $1,508,000, translating to $264.56 per square foot. Built in 1930, this well-maintained property sits on a 2,323 square foot lot and is zoned C4-3. Tenants are responsible for heating costs. The building's strong financial performance is further highlighted by a gross income of $155,240 and a gross rent multiplier (GRM) of 9.72. The presence of a long-term commercial tenant adds to the stability and appeal of this investment. This is a rare opportunity to acquire a well-located, high-performing mixed-use property in a rapidly developing Brooklyn neighborhood.

Highlights

  • Brownsville, Brooklyn multifamily investment opportunity: 4 free-market apartments & 1 commercial unit.
  • 5,700 SF building, priced at $265/SF.
  • Tenants pay heat.
  • Fully occupied, well-maintained building with strong tenant history.
  • $155,240 gross annual income, $120,667 net operating income.
  • 9.72 GRM, 8% capitalization rate.

Property Details for 1508 Pitkin Ave

Property type
Multifamily properties, Apartment buildings
Square Feet
5,700 SF
Year Built
1930
Stories
3
Units
5

Location Insight

City
Brooklyn
County
Kings
State
New York
Latitude
40.668383
Longitude
-73.917871
1508 Pitkin Ave, Brooklyn, New York

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1508 Pitkin Ave
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