$1,494,000 - $1,824,000
●
Multifamily -
Off Market
1612 Coney Island Ave
Brooklyn, NY 11230
3 Beds
3.5 Baths,
1
Half Bath
2600 Sqft
About This Property
**Rare Investment Opportunity in Vibrant Midwood, Brooklyn**
Discover an exceptional mixed-use building in the heart of
Midwood, Brooklyn, with this rare offering. Meticulously maintained
and poised for a new chapter, this property presents a turnkey
opportunity for astute investors or owner-users. Being Delivered
Fully Vacant. **Key Features:**
- **Prime Location:** Nestled on bustling Coney Island
Avenue, this property enjoys a high-visibility location, ensuring a
steady flow of foot traffic and exposure. -
**Versatile Space:** The first floor boasts a recently renovated,
vacant retail space spanning 1,300 square feet, complemented by an
inviting 700 square foot backyard-an ideal canvas for a wide range
of businesses. - **Residential Comfort:** The second floor
comprises two well-appointed residential apartments. A spacious
two-bedroom unit that can start generating $2,696 monthly, and a
cozy one-bedroom unit the may start generating $2,387 monthly,
offering comfortable living options.(Using CityFHEPS Standards for
apartments) - **Expansion Potential:** An
unfinished basement, accessible both externally and through the
retail space, provides ample storage or expansion potential.
- **Air Rights:** The property also includes an
additional 1,400 square feet of valuable air rights, offering
exciting development possibilities. Would need to consult with an
architect. **Projected Income and Expenses:**
- **Income Potential:** Anticipate a total projected
income of $120,996 annually, including $60,000 from the retail
space, $32,352 from the two-bedroom apartment, and $28,644 from the
one-bedroom apartment.(Using CityFHEPS Standards for apartments)
- **Expenses:** Operating costs are well-managed,
with expenses totaling $14,867 annually, covering fuel, electric,
water, insurance, and taxes. - **Solid
Returns:** The property generates a healthy net income of $106,129,
resulting in an impressive projected cap rate of 6.39%.Which is
better than bank offerings. - **Location
Advantages:** Midwood is a thriving, financially
robust neighborhood, offering excellent prospects for growth and
investment. Moreover, the property is conveniently situated within
walking distance of the B/Q/F trains, ensuring easy access to
transportation options. Don't miss this unique
opportunity to own a prime property in the heart of Midwood. For
further details and to explore the potential of this exceptional
investment, reach out to the to listing Broker Dayan
This property represents more than just a real estate
transaction; it's an opportunity to be part of a dynamic and
prosperous community in one of Brooklyn's most sought-after
neighborhoods.
The manager has listed the unit size as 2600 square feet.
The manager has listed the unit size as 2600 square feet.
Unit Size
2,600Ft²
Days on Market
-
Land Size
-
Price per sqft
$638
Property Type
Multifamily
Property Taxes
$597
HOA Dues
-
Year Built
1931
Price History
Date / Event | Date | Event | Price |
---|---|---|---|
Apr 1, 2024 | No longer available | - | |
No longer available | |||
Dec 24, 2023 | Listed | $1,659,000 | |
Listed |
Property Highlights
Comparables
Unit
Status
Status
Type
Beds
Baths
ft²
Price/ft²
Price/ft²
Asking Price
Listed On
Listed On
Closing Price
Sold On
Sold On
HOA + Taxes
Sold
Multifamily
3
Beds
3
Baths
2,235 ft²
$681/ft²
$1,521,910
Jun 1, 2017
$1,521,910
Feb 5, 2021
$2,558/mo
Townhouse
3
Beds
4
Baths
2,720 ft²
$643/ft²
$1,750,000
Mar 13, 2019
$1,750,000
Dec 20, 2019
-
Sold
Condo
3
Beds
3
Baths
2,024 ft²
$1,087/ft²
$2,200,260
Oct 8, 2021
$2,200,260
Jan 15, 2022
$2,712/mo
Multifamily
4
Beds
3
Baths
1,676 ft²
$1,104/ft²
$1,850,000
Mar 31, 2020
$1,850,000
Dec 15, 2020
-
Multifamily
6
Beds
5
Baths
2,260 ft²
$719/ft²
$1,625,000
Aug 16, 2017
$1,625,000
Nov 22, 2017
-
Sold
Townhouse
5
Beds
4
Baths
2,572 ft²
$699/ft²
$1,799,000
Jul 8, 2021
$1,799,000
Oct 7, 2021
-
Active
Condo
3
Beds
3
Baths
1,885 ft²
$790/ft²
$1,490,000
Jul 18, 2023
-
$3,472/mo
Active
House
4
Beds
1.5
Baths
2,015 ft²
$744/ft²
$1,500,000
Sep 8, 2023
-
$611/mo
Active
House
3
Beds
3
Baths
493 ft²
$3,651/ft²
$1,799,999
Nov 30, 2023
-
$2,023/mo
Past Sales
Date | Unit | Beds | Baths | Sqft | Price | Closed | Owner | Listed By |
---|---|---|---|---|---|---|---|---|
12/24/2023
|
|
3 Bed
|
3.5 Bath
|
2600 ft²
|
$1,659,000
3 Bed
3.5 Bath
2600 ft²
|
-
-
|
-
|
Shlomie Dayan
5 BORO REALTY CORP
|
Building Info
1612 Coney Island Avenue
1612 Coney Island Avenue, Brooklyn, NY 11230
- 2 Units