8623 Flatlands Ave - Apartments FOR SALE


Brooklyn, NY 11236- Canarsie
$5,300,000 USD
917-635-3980
8623 Flatlands Ave, Brooklyn, NY for Sale
$5,300,000 USD
Apartments - FOR SALE
1/17
null | 7.08% 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 8 free-market units and 4 affordable units, along with 2,223SF of retail space, private parking, laundry, and accessory and bicycle storage. The residential rent roll is strong at $31,722/month ($380,664/year). There are 8 parking spaces that can rent for $150/space ($14,400/year). Owner pays electric (approximately $600/month for common areas and the elevator) and water ($16,746.78 for 2025). 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

$5,300,000 USD

PRICE/SF

$408 USD /SF

# OF UNITS

13

PRICE/UNIT

$407,692

CAP RATE

7.08%

% 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.