5221 Flatlands AVE Active Save Request In-Person Tour Request Virtual Tour
Brooklyn,NY 11234
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID KEY807492
Originating Board onekey2
Rental Info No
Year Built 2009
Annual Tax Amount $128,531
Property 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/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.
Location
State NY
County Kings (brooklyn)
Rooms
Basement None
Interior
Heating ENERGY STAR Qualified Equipment,Forced Air,Hot Air
Cooling Central Air,ENERGY STAR Qualified Equipment,Separate Meters
Fireplace No
Exterior
Parking Features Underground
Fence Front Yard
Utilities Available Cable Available,Electricity Connected,Natural Gas Available,Natural Gas Connected
Building
Story 3
Sewer Public Sewer
Water Public
Structure Type Brick,Cedar,Foam Insulation,Frame
Schools
Elementary Schools Ps 236 Mill Basin
Middle Schools Jhs 78 Roy H Mann
High Schools Midwood High School
School District Brooklyn 22
Others
Special Listing Condition Real Estate Owned