5221 Flatlands Avenue

5221 Flatlands Avenue, New York, NY, 11234

$9,000,000

$11,000,000

active

Year Built

2009

Stories

Type

Commercial

Monthly Cost

Estimate. Actual payment depends on credit, lender, taxes, and insurance.

$58,738/month estimated

Principal & interest: $47,902
Property tax: $10,711
Home insurance (est.): $125

Down payment %Interest rate %Term (years)

Down payment: $1,800,000 · Loan amount: $7,200,000

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.

Property Details

Cooling: Central Air, ENERGY STAR Qualified Equipment, Separate Meters
Heating: ENERGY STAR Qualified Equipment, Forced Air, Hot Air
Basement: None

Schools

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Listed by Reginald Brannen, Blue Key Real Estate Brokerage

MLS# KEY807492718-921-2280

Listings courtesy of OneKey® MLS as distributed by MLS GRID

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