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616 Coney Island Ave 10,583 SF 100% Leased Retail Building Brooklyn, NY 11218 $5,800,000 ($548.05/SF) 6.20% Cap Rate
Investment Highlights
- 10,583-Square-Foot Mixed-Use Asset, 3 Commercial Units and 1 Residential Duplex
- $435,757 Stabilized Pro Forma NOI, Offering Significant Income Upside
- R5/C2-3 Zoning Allowing Future Ground-Up Redevelopment
- Offered at $5,800,000, 6.2% In-Place Cap Rate to 7.5% Pro Forma Cap Rate
- Strategic Brooklyn Location on the High-Traffic Coney Island Avenue Corridor
- 60.17 x 136 Lot Size
Executive Summary
VALUE-ADD AND LEASE-UP POTENTIAL
The property features a versatile 10,583-square-foot configuration comprising three commercial suites and one residential duplex. Investors can realize immediate upside and stabilize income through the lease-up of a vacant 3,290-square-foot commercial suite, alongside strategic market rent adjustments over time.
ZONING & DEVELOPMENT UPSIDE
The property falls into the highly flexible R5/C2-3 zoning district, which allows for a combination of residential and commercial use. It holds a favorable development footprint of a 60.17 by 136-foot lot size and sits in the Coney Island Avenue corridor within the Office of City Planning's Proposed South of Prospect Park Re-zoning Plan, enabling long-term potential for strategic expansion or future ground-up redevelopment.
PREMIUM FOOT TRAFFIC AND VISIBILITY
Prominently positioned in a high-density, multi-tenant section of the Kensington-Flatbush border, the site benefits from strong local demographics. Its placement along a primary north-south artery guarantees heavy automotive and pedestrian traffic, ensuring high visibility for commercial tenants.
EXCEPTIONAL REGIONAL CONNECTIVITY
Located just south of Prospect Park, the asset boasts exceptional walkability and regional transit access. It features direct access to the Q train at the nearby Beverley Road subway station, complemented by major local bus routes, providing seamless connectivity throughout Brooklyn and into Manhattan.
The property features a versatile 10,583-square-foot configuration comprising three commercial suites and one residential duplex. Investors can realize immediate upside and stabilize income through the lease-up of a vacant 3,290-square-foot commercial suite, alongside strategic market rent adjustments over time.
ZONING & DEVELOPMENT UPSIDE
The property falls into the highly flexible R5/C2-3 zoning district, which allows for a combination of residential and commercial use. It holds a favorable development footprint of a 60.17 by 136-foot lot size and sits in the Coney Island Avenue corridor within the Office of City Planning's Proposed South of Prospect Park Re-zoning Plan, enabling long-term potential for strategic expansion or future ground-up redevelopment.
PREMIUM FOOT TRAFFIC AND VISIBILITY
Prominently positioned in a high-density, multi-tenant section of the Kensington-Flatbush border, the site benefits from strong local demographics. Its placement along a primary north-south artery guarantees heavy automotive and pedestrian traffic, ensuring high visibility for commercial tenants.
EXCEPTIONAL REGIONAL CONNECTIVITY
Located just south of Prospect Park, the asset boasts exceptional walkability and regional transit access. It features direct access to the Q train at the nearby Beverley Road subway station, complemented by major local bus routes, providing seamless connectivity throughout Brooklyn and into Manhattan.
Financial Summary (Actual - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$261,000
|
$25.51
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$261,000
|
$25.51
|
| Taxes |
$70,000
|
$6.84
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$70,000
|
$6.84
|
| Net Operating Income |
-
|
-
|
Financial Summary (Actual - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $261,000 |
| Annual Per SF | $25.51 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $261,000 |
| Annual Per SF | $25.51 |
| Taxes | |
|---|---|
| Annual | $70,000 |
| Annual Per SF | $6.84 |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $70,000 |
| Annual Per SF | $6.84 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
10,583 SF
Building Class
B
Year Built
1930
Price
$5,800,000
Price Per SF
$548.05
Cap Rate
6.20%
NOI
$359,600
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
1.15
Lot Size
0.21 AC
Zoning
R5 - medium density residential
Frontage
48’ on Coney Island Ave
Exceptionally walkable
100/100
Somewhat drivable
30/100
Exceptional public transit
100/100
Moderately bikeable
70/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 05361-0025 | Total Assessment | $844,200 (2026) |
| Land Assessment | $144,900 (2026) | Annual Taxes | $70,000 ($6.61/SF) |
| Improvements Assessment | $699,300 (2026) | Tax Year | 2024 Payable 2024 |
Property Taxes
Parcel Number
05361-0025
Land Assessment
$144,900 (2026)
Improvements Assessment
$699,300 (2026)
Total Assessment
$844,200 (2026)
Annual Taxes
$70,000 ($6.61/SF)
Tax Year
2024 Payable 2024
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