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2828 W 19th St 4 Unit Apartment Building $1,200,199 ($300,050/Unit) 6.52% Cap Rate Brooklyn, NY 11224
Executive Summary
Verada, as exclusive agent, is pleased to offer for sale 2828 West 19th Street, a four-family walk-up in Coney Island, Brooklyn.
The property consists of four free-market two-bedroom apartments totaling approximately 3,000 SF. Tenants pay their own unit utilities, generating $102,000 in annual gross scheduled income.
Estimated NOI is $78,253 after real estate taxes, water/sewer, insurance, and maintenance and management reserves. The $1,200,000 ask equals a 6.52% in-place cap rate and $400/SF, within the range of five recent Coney Island-area multifamily sales.
None of the four units are rent stabilized, giving a buyer both stabilized in-place income and turnover upside over time.
The property consists of four free-market two-bedroom apartments totaling approximately 3,000 SF. Tenants pay their own unit utilities, generating $102,000 in annual gross scheduled income.
Estimated NOI is $78,253 after real estate taxes, water/sewer, insurance, and maintenance and management reserves. The $1,200,000 ask equals a 6.52% in-place cap rate and $400/SF, within the range of five recent Coney Island-area multifamily sales.
None of the four units are rent stabilized, giving a buyer both stabilized in-place income and turnover upside over time.
Property Facts
| Price | $1,200,199 | Apartment Style | Low-Rise |
| Price Per Unit | $300,050 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.06 AC |
| Cap Rate | 6.52% | Building Size | 3,000 SF |
| No. Units | 4 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1901 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | R5, Brooklyn (C3) - Medium density district with a height limit of 40 feet | ||
| Price | $1,200,199 |
| Price Per Unit | $300,050 |
| Sale Type | Investment |
| Cap Rate | 6.52% |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.06 AC |
| Building Size | 3,000 SF |
| No. Stories | 2 |
| Year Built | 1901 |
| Opportunity Zone |
Yes |
| Zoning | R5, Brooklyn (C3) - Medium density district with a height limit of 40 feet |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 4 | - | - |
1 1
Exceptionally walkable
100/100
Somewhat drivable
30/100
Exceptional public transit
100/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 07019-0021 | Improvements Assessment | $259,200 |
| Land Assessment | $49,500 | Total Assessment | $308,700 |
Property Taxes
Parcel Number
07019-0021
Land Assessment
$49,500
Improvements Assessment
$259,200
Total Assessment
$308,700
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