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498 Classon Ave 3 Unit Apartment Building $2,888,000 ($962,667/Unit) 5.02% Cap Rate Brooklyn, NY 11238
Investment Highlights
- Calling All Investors, Developers, & End-Users!!! 100% Occupied 3 Unit Free Market Apartment Building In Clinton Hill For Sale!!!
- The Property Is Located In The Heart Of Brooklyn Near I-278, Atlantic Terminal, & The Barclays Center!!!
- This Property Offers HUGE Upside Potential!!!
- The Property Features Excellent Signage, Great Exposure, R6B Zoning, High 9’ Ceilings, (3) 3 Br. Apartments, Private Gated Driveway, Rear Yard, +++!!!
- Neighbors Include NYU Langone, Atlantic Center Mall, USPS, CubeSmart Self Storage, Stop & Shop, Planet Fitness, Ridgewood Savings Bank, AutoZone, ++!!
- This Could Be Your Next Development Site Or The Next Home For Your Business!!!
Executive Summary
Calling All Investors, Developers, & End-Users!!! 100% Occupied 3 Unit Free Market Apartment Building In Clinton Hill For Sale!!! The Property Features Excellent Signage, Great Exposure, R6B Zoning, High 9’ Ceilings, (3) 3 Br. Apartments, Private Gated Driveway, Rear Yard, 6 Parking Spaces, Sprinklers, 200 Amp Power, All New LED Lighting, A/C, +++!!! The Property Is Located In The Heart Of Brooklyn Near I-278 (Belt Pkwy.), Atlantic Terminal, & The Barclays Center!!! The Property Is Situated Between Atlantic Ave. & Nostrand Ave.!!! Neighbors Include NYU Langone, Atlantic Center Mall, USPS, CubeSmart Self Storage, Stop & Shop, Planet Fitness, Ridgewood Savings Bank, AutoZone, Marshalls, Dave & Busters, Shell, Meineke Car Care Center, Family Dollar, McDonald’s, Chick-fil-A, Wonder, +++!!! This Property Offers HUGE Upside Potential!!! This Could Be Your Next Development Site Or The Next Home For Your Business!!!
Income:
Apt. 1 (3 Br., 2 Bath): $57,600 Ann.; Lease Exp.: 5/1/27.
Apt. 2 (3 Br., 2 Bath): $54,000 Ann. M-M.
Apt. 3 (3 Br., 2 Bath): $57,600 Ann. M-M.
Gross Income: $169,200 Ann.
Expenses:
Gas: $0 Ann.
Electric: $0 Ann.
Water & Sewer: $3,872 Ann
Insurance: $3,687 Ann.
Taxes: $16,355.80 Ann.
Total Expenses: $23,914.80 Ann.
Net Operating Income (NOI): $145,286 Ann.
Income:
Apt. 1 (3 Br., 2 Bath): $57,600 Ann.; Lease Exp.: 5/1/27.
Apt. 2 (3 Br., 2 Bath): $54,000 Ann. M-M.
Apt. 3 (3 Br., 2 Bath): $57,600 Ann. M-M.
Gross Income: $169,200 Ann.
Expenses:
Gas: $0 Ann.
Electric: $0 Ann.
Water & Sewer: $3,872 Ann
Insurance: $3,687 Ann.
Taxes: $16,355.80 Ann.
Total Expenses: $23,914.80 Ann.
Net Operating Income (NOI): $145,286 Ann.
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$169,200
|
$24.88
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$169,200
|
$24.88
|
| Taxes |
$16,355
|
$2.41
|
| Operating Expenses |
$7,559
|
$1.11
|
| Total Expenses |
$23,914
|
$3.52
|
| Net Operating Income |
$145,286
|
$21.37
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $169,200 |
| Annual Per SF | $24.88 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $169,200 |
| Annual Per SF | $24.88 |
| Taxes | |
|---|---|
| Annual | $16,355 |
| Annual Per SF | $2.41 |
| Operating Expenses | |
|---|---|
| Annual | $7,559 |
| Annual Per SF | $1.11 |
| Total Expenses | |
|---|---|
| Annual | $23,914 |
| Annual Per SF | $3.52 |
| Net Operating Income | |
|---|---|
| Annual | $145,286 |
| Annual Per SF | $21.37 |
Property Facts
Amenities
Site Amenities
- 24 Hour Access
- Fenced Lot
- Security System
- Tenant Controlled HVAC
- Storage Space
- Bicycle Storage
- Public Transportation
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+2 | 3 | - | - |
Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
100/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 01984-0074 | Total Assessment | $237,960 (2026) |
| Land Assessment | $26,940 (2026) | Annual Taxes | $16,355 ($2.41/SF) |
| Improvements Assessment | $211,020 (2026) | Tax Year | 2025 |
Property Taxes
Parcel Number
01984-0074
Land Assessment
$26,940 (2026)
Improvements Assessment
$211,020 (2026)
Total Assessment
$237,960 (2026)
Annual Taxes
$16,355 ($2.41/SF)
Tax Year
2025
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498 Classon Ave
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