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 abatement (already applied to DOF, with approximately 33 years remaining). This 4-story building is home to 11 rent stabilized units and 1 permanently exempt unit (a 3BR, 2BA), along with 2,223SF of retail space, private parking, laundry, and storage. Income (Annual): Residential: $366,044.28 Laundry: $7,200.00 Commercial: $60,000.00 Parking: $9,600.00 (8 parking spaces, not currently rented, with a conservative projected income of $100/month per space). Expenses (Annual): Electric: $7,200 (including elevator) Water: $16,746.78 (for 2025) Taxes: $15,682.84 (for 2026 and $16,628.06 for 2027) Insurance: $23,888.75 Maintenance: $9,000 (estimated) This property offers a strong rent roll for its asset class, multiple income streams, and long-term tax advantages.

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.