8623 Flatlands Ave 13 Unit Apartment Building $4,607,000 ($354,385/Unit) 8.04% Cap Rate Brooklyn, NY 11236

Add the largest mixed-use property currently available in 11236 to your portfolio. A newly constructed (2024) elevator building featuring 13 units: 12 residential, 1 commercial, an 8-car garage, and a 35-year 421-a tax exemption.
This 4-story building is home to 11 rent stabilized units and one permanently exempt unit, along with 2,223SF of retail space, private parking, laundry, and accessory and bicycle storage. The residential rent roll is $29,935.00/month ($359,220.00/year) plus $7,200.00/year in additional laundry income. Commercial income: $5,000.00/month ($60,000.00/year). There are 8 parking spaces that can rent for $100/space conservatively ($9,600.00/year). Owner pays electric (approximately $7,200/year for common areas and the elevator) and water ($16,746.78 for 2025). Taxes are $15,682.84 for 2026 and $16,628.06 for 2027 under the 421a adjustment (already applied to DOF). Insurance and maintenance estimated at $25,000/year.
This property offers a rare combination of new construction, multiple income streams, and long-term tax advantages in Brooklyn.