8623 Flatlands Ave 12 Unit Apartment Building $5,300,000 ($441,667/Unit) 7.56% Cap Rate Brooklyn, NY 11236

Rare opportunity to add the only mixed-use property currently available in the 11236 zip code to your portfolio. A newly constructed (2024) elevator building featuring 12 residential units, ground-floor retail occupied by a pawn shop, 8 enclosed parking spaces, and a 35-year 421-a tax exemption.
This 4-story building is home to 8 free-market units and 4 affordable units, along with 2,223SF of retail space, private parking, laundry, and accessory and bicycle storage. The residential rent roll is strong at $31,122/month ($373,464/year). There are 8 parking spaces that can rent for $150/space ($14,400/year). Owner pays electric (approximately $600/month for common areas and the elevator) and water (approximately $10,000 per quarter).
This property offers a rare combination of new construction, multiple income streams, and long-term tax advantages in Brooklyn.