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8623 Flatlands Ave 13 Unit Apartment Building $4,607,000 ($354,385/Unit) 8.04% Cap Rate Brooklyn, NY 11236
Investment Highlights
- 35-year 421-a tax exemption
- 13 units: 12 residential, 1 commercial
Executive Summary
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 abatement (already applied to DOF, with approximately 33 years remaining).
This 4-story building is home to 11 rent stabilized units and 1 permanently exempt unit (a 3BR, 2BA), along with 2,223SF of retail space, private parking, laundry, and storage.
Income (Annual):
Residential: $366,044.28
Laundry: $7,200.00
Commercial: $60,000.00
Parking: $9,600.00 (8 parking spaces, not currently rented, with a conservative projected income of $100/month per space).
Expenses (Annual):
Electric: $7,200 (including elevator)
Water: $16,746.78 (for 2025)
Taxes: $15,682.84 (for 2026 and $16,628.06 for 2027)
Insurance: $23,888.75
Maintenance: $9,000 (estimated)
This property offers a strong rent roll for its asset class, multiple income streams, and long-term tax advantages.
This 4-story building is home to 11 rent stabilized units and 1 permanently exempt unit (a 3BR, 2BA), along with 2,223SF of retail space, private parking, laundry, and storage.
Income (Annual):
Residential: $366,044.28
Laundry: $7,200.00
Commercial: $60,000.00
Parking: $9,600.00 (8 parking spaces, not currently rented, with a conservative projected income of $100/month per space).
Expenses (Annual):
Electric: $7,200 (including elevator)
Water: $16,746.78 (for 2025)
Taxes: $15,682.84 (for 2026 and $16,628.06 for 2027)
Insurance: $23,888.75
Maintenance: $9,000 (estimated)
This property offers a strong rent roll for its asset class, multiple income streams, and long-term tax advantages.
Property Facts
Amenities
Site Amenities
- Laundry Facilities
- On-Site Retail
- Roof Terrace
- Storage Space
Exceptionally walkable
100/100
Somewhat drivable
20/100
Exceptional public transit
100/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 08007-0001 | Improvements Assessment | $969,750 |
| Land Assessment | $170,100 | Total Assessment | $1,139,850 |
Property Taxes
Parcel Number
08007-0001
Land Assessment
$170,100
Improvements Assessment
$969,750
Total Assessment
$1,139,850
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8623 Flatlands Ave
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