5221 Flatlands Avenue, Brooklyn, NY

$9,000,000

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29,152

Square feet

About 5221 Flatlands Avenue

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.

Features of 5221 Flatlands Avenue

MLS® # 807492
Price $9,000,000
Bathrooms 0.00
Square Footage 29,152
Acres 0.00
Year Built 2009
Type Commercial Sale
Sub-Type Multi Family
Status Active

Community Information

Address 5221 Flatlands Avenue
City Brooklyn
County Kings (Brooklyn)
State NY
Zip Code 11234

Amenities

Utilities Cable Available, Electricity Connected, Natural Gas Available, Natural Gas Connected
Parking Underground
Is Waterfront No
Has Pool No

Interior

Heating ENERGY STAR Qualified Equipment, Forced Air, Hot Air
Cooling Central Air, ENERGY STAR Qualified Equipment, Separate Meters
Fireplace No
# of Stories 3
Has Basement Yes
Basement None

Exterior

Construction Brick, Cedar, Foam Insulation, Frame

School Information

District Brooklyn 22
Elementary Ps 236 Mill Basin
Middle Jhs 78 Roy H Mann
High Midwood High School

Additional Information

Date Listed December 22nd, 2024
Days on Market 302
Short Sale No
RE / Bank Owned Yes

Listing Details

OfficeBlue Key Real Estate Brokerage
Contact Info718-921-2280

Listing Map

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