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2850 W 17th St 6 Unit Apartment Building $1,875,000 ($312,500/Unit) 7.50% Cap Rate Brooklyn, NY 11224
Investment Highlights
- Free Market Rents
- Fully renovated in 2019
- Protected Tax Class 2A
Executive Summary
Key highlights of the property include:
- Fully Renovated: A 6-unit multifamily building in Coney Island that underwent a complete gut renovation in 2019 (including the roof, mechanicals, plumbing, and electric) with a new Certificate of Occupancy issued in 2021.
- Free-Market: A 100% free-market rent roll (never rent-stabilized), offering full owner control over rents and turnover—ideal for a 1031 exchange.
- Financials: Priced at $1,875,000 ($312,500/unit, $530/SF) with a 7.50% in-place cap rate and a Net Operating Income (NOI) of $140,658.
- Location: Prime location steps from the Coney Island boardwalk and beach, and approximately 0.3 miles from the Stillwell Ave subway terminal (D, F, N, and Q lines).
- Fully Renovated: A 6-unit multifamily building in Coney Island that underwent a complete gut renovation in 2019 (including the roof, mechanicals, plumbing, and electric) with a new Certificate of Occupancy issued in 2021.
- Free-Market: A 100% free-market rent roll (never rent-stabilized), offering full owner control over rents and turnover—ideal for a 1031 exchange.
- Financials: Priced at $1,875,000 ($312,500/unit, $530/SF) with a 7.50% in-place cap rate and a Net Operating Income (NOI) of $140,658.
- Location: Prime location steps from the Coney Island boardwalk and beach, and approximately 0.3 miles from the Stillwell Ave subway terminal (D, F, N, and Q lines).
Financial Summary (Actual - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$175,500
|
$49.62
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$175,500
|
$49.62
|
| Taxes |
$11,891
|
$3.36
|
| Operating Expenses |
$22,951
|
$6.49
|
| Total Expenses |
$34,842
|
$9.85
|
| Net Operating Income |
$140,658
|
$39.77
|
Financial Summary (Actual - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $175,500 |
| Annual Per SF | $49.62 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $175,500 |
| Annual Per SF | $49.62 |
| Taxes | |
|---|---|
| Annual | $11,891 |
| Annual Per SF | $3.36 |
| Operating Expenses | |
|---|---|
| Annual | $22,951 |
| Annual Per SF | $6.49 |
| Total Expenses | |
|---|---|
| Annual | $34,842 |
| Annual Per SF | $9.85 |
| Net Operating Income | |
|---|---|
| Annual | $140,658 |
| Annual Per SF | $39.77 |
Property Facts
| Price | $1,875,000 | Building Class | C |
| Price Per Unit | $312,500 | Lot Size | 0.05 AC |
| Sale Type | Investment | Building Size | 3,537 SF |
| Cap Rate | 7.50% | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1920/2019 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | R6 | ||
| Price | $1,875,000 |
| Price Per Unit | $312,500 |
| Sale Type | Investment |
| Cap Rate | 7.50% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.05 AC |
| Building Size | 3,537 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1920/2019 |
| Opportunity Zone |
Yes |
| Zoning | R6 |
Amenities
Site Amenities
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | 480 |
| 1+1 | 5 | - | 544 |
1 1
Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
100/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 07020-0029 | Total Assessment | $265,500 |
| Land Assessment | $54,000 | Annual Taxes | $11,891 ($3.36/SF) |
| Improvements Assessment | $211,500 | Tax Year | 2026 |
Property Taxes
Parcel Number
07020-0029
Land Assessment
$54,000
Improvements Assessment
$211,500
Total Assessment
$265,500
Annual Taxes
$11,891 ($3.36/SF)
Tax Year
2026
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Contact the Sale Advisor
2850 W 17th St