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Coney Island 2021-Build Gem 1613 Mermaid Ave 16 Unit Apartment Building $7,500,000 ($468,750/Unit) 5.68% Cap Rate Brooklyn, NY 11224
Executive Summary
Beautiful high-end 2021 construction property with a 421-a tax abatement located steps from the world-famous Coney Island Boardwalk.
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $7,500,000 | Building Class | B |
| Price Per Unit | $468,750 | Lot Size | 0.09 AC |
| Sale Type | Investment | Building Size | 11,288 SF |
| Cap Rate | 5.68% | No. Stories | 7 |
| No. Units | 16 | Year Built | 2021 |
| Property Type | Multifamily | Parking Ratio | 0.7/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Mid-Rise | ||
| Zoning | R6 | ||
| Price | $7,500,000 |
| Price Per Unit | $468,750 |
| Sale Type | Investment |
| Cap Rate | 5.68% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.09 AC |
| Building Size | 11,288 SF |
| No. Stories | 7 |
| Year Built | 2021 |
| Parking Ratio | 0.7/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R6 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Views
- Freezer
Site Amenities
- 24 Hour Access
- Picnic Area
- Recycling
- Trash Pickup - Curbside
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+2 | 6 | - | - |
| 1+1 | 5 | - | - |
| Studios | 5 | - | - |
Walk Score®
Very Walkable (89)
Transit Score®
Rider's Paradise (100)
Property Taxes
| Parcel Number | 07021-0049 | Improvements Assessment | $1,056,150 (2025) |
| Land Assessment | $186,300 (2025) | Total Assessment | $1,242,450 (2025) |
Property Taxes
Parcel Number
07021-0049
Land Assessment
$186,300 (2025)
Improvements Assessment
$1,056,150 (2025)
Total Assessment
$1,242,450 (2025)
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Coney Island 2021-Build Gem | 1613 Mermaid Ave
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