8623 Flatlands Ave - Apartments FOR SALE


Brooklyn, NY 11236- Canarsie
$4,607,000 USD
917-635-3980
8623 Flatlands Ave, Brooklyn, NY for Sale
$4,607,000 USD
Apartments - FOR SALE
1/17
null | 8.04% Cap Rate

8623 Flatlands Ave
Brooklyn, NY 11236
Canarsie


HIGHLIGHTS

  • 35-year 421-a tax exemption
  • 13 units: 12 residential, 1 commercial

OVERVIEW

Add the largest mixed-use property currently available in 11236 to your portfolio. A newly constructed (2024) elevator building featuring 13 units: 12 residential, 1 commercial, an 8-car garage, and a 35-year 421-a tax exemption. This 4-story building is home to 11 rent stabilized units and one permanently exempt unit, along with 2,223SF of retail space, private parking, laundry, and accessory and bicycle storage. The residential rent roll is $29,935.00/month ($359,220.00/year) plus $7,200.00/year in additional laundry income. Commercial income: $5,000.00/month ($60,000.00/year). There are 8 parking spaces that can rent for $100/space conservatively ($9,600.00/year). Owner pays electric (approximately $7,200/year for common areas and the elevator) and water ($16,746.78 for 2025). Taxes are $15,682.84 for 2026 and $16,628.06 for 2027 under the 421a adjustment (already applied to DOF). Insurance and maintenance estimated at $25,000/year. This property offers a rare combination of new construction, multiple income streams, and long-term tax advantages in Brooklyn.

FOR SALE DETAILS

PRICE

$4,607,000 USD

PRICE/SF

$354 USD /SF

# OF UNITS

13

PRICE/UNIT

$354,385

CAP RATE

8.04%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Storefront Retail/Residential

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

2022

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.12 AC

LAND SF

5,227 SF

ZONING

R5D

APN/PARCEL ID

08007-0001

ASK ABOUT THIS PROPERTY

Elana BernsteinLegacy Estate RealtyMore Info
917-635-3980

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Elana BernsteinLegacy Estate RealtyMore Info
917-635-3980

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.