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176 Atlantic Ave 5 Unit Apartment Building $6,500,000 ($1,300,000/Unit) 5.90% Cap Rate Brooklyn, NY 11201
Executive Summary
Building Overview
176 Atlantic Avenue is a five-unit mixed-use property on one of Cobble Hill’s most prominent commercial corridors. The asset features three free-market residential units and two fully leased ground-floor retail spaces, generating $487,494 in current gross income. The diversified income stream and prime Atlantic Avenue frontage position the property within one of Brooklyn’s most sought-after and consistently trafficked corridors.
Finished Product
The property is a fully stabilized, turn-key investment with no lease-up risk or near-term capital needs. All units are occupied, with residential rents averaging $7,033/month and finished to a condo-quality standard. The building benefits from a Tax Class 2A designation, providing long-term tax stability. At a $6,500,000 ask, the asset achieves a 5.9% cap rate on $386,500 of NOI, with upside to $400,762, offering immediate, durable cash flow from closing.
Strong Retail Tenancy
The retail component generates $231,456 annually (~47% of gross income), with both spaces fully leased and providing meaningful income diversification. Located along Atlantic Avenue, a historically strong and high-foot-traffic corridor, the tenancy blends stability and growth, anchored by Yemen Cafe, a long-standing neighborhood
staple, and Sheba Bees, an emerging, award-winning concept— creating a resilient and well-balanced commercial profile.
176 Atlantic Avenue is a five-unit mixed-use property on one of Cobble Hill’s most prominent commercial corridors. The asset features three free-market residential units and two fully leased ground-floor retail spaces, generating $487,494 in current gross income. The diversified income stream and prime Atlantic Avenue frontage position the property within one of Brooklyn’s most sought-after and consistently trafficked corridors.
Finished Product
The property is a fully stabilized, turn-key investment with no lease-up risk or near-term capital needs. All units are occupied, with residential rents averaging $7,033/month and finished to a condo-quality standard. The building benefits from a Tax Class 2A designation, providing long-term tax stability. At a $6,500,000 ask, the asset achieves a 5.9% cap rate on $386,500 of NOI, with upside to $400,762, offering immediate, durable cash flow from closing.
Strong Retail Tenancy
The retail component generates $231,456 annually (~47% of gross income), with both spaces fully leased and providing meaningful income diversification. Located along Atlantic Avenue, a historically strong and high-foot-traffic corridor, the tenancy blends stability and growth, anchored by Yemen Cafe, a long-standing neighborhood
staple, and Sheba Bees, an emerging, award-winning concept— creating a resilient and well-balanced commercial profile.
Property Facts
| Price | $6,500,000 | Property Subtype | Apartment |
| Price Per Unit | $1,300,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.04 AC |
| Cap Rate | 5.90% | Building Size | 6,472 SF |
| No. Units | 5 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1931 |
| Zoning | R6 - R6 is a medium-density residential zoning district. | ||
| Price | $6,500,000 |
| Price Per Unit | $1,300,000 |
| Sale Type | Investment |
| Cap Rate | 5.90% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.04 AC |
| Building Size | 6,472 SF |
| No. Stories | 4 |
| Year Built | 1931 |
| Zoning | R6 - R6 is a medium-density residential zoning district. |
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Exceptionally walkable
100/100
Moderately drivable
60/100
Exceptional public transit
100/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 00286-0014 | Improvements Assessment | $528,300 |
| Land Assessment | $416,700 | Total Assessment | $945,000 |
Property Taxes
Parcel Number
00286-0014
Land Assessment
$416,700
Improvements Assessment
$528,300
Total Assessment
$945,000
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