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1512 Pitkin Ave 9 Unit Apartment Building $3,218,607 CAD ($357,623 CAD/Unit) 8.72% Cap Rate Brooklyn, NY 11212
Investment Highlights
- Prime Mixed-Use Opportunity in Brownsville
- Located Along the Pitkin Avenue Retail Corridor
- Total of 8 Free Market Residential Units over a Restaurant
- Short Walk to the Sutter Avenue/Rutland Road "2,3,4" Subway Station
Executive Summary
Layout:
Basement:
Mechanicals | Potential for Storage or Retail Use
Ground Floor:
1 Commercial
Occupying Full Ground Floor | Potential Access to Backyard & Basement
Second Floor:
4 apartments
2A – Studio | 1-Bathroom
2B – 1-Bedroom | 1-Bathroom
2C – 1-Bedroom | 1-Bathroom
2D – Studio | 1-Bathroom
Third Floor:
4 apartments
3A – Studio | 1-Bathroom
3B – 1-Bedroom | 1-Bathroom
3C – 1-Bedroom | 1-Bathroom
3D – Studio | 1-Bathroom
Additional Notes:
Building was Altered (Alt 2) in 2009, receiving a new Certificate of Occupancy in 2012
Building was Converted From 2 Apartments & 1 Store to 8 Apartments & 1 Store Through alteration 2, Which Does Not Jeopardize the Free Market Status.
Investment Opportunity:
The Building is Currently Cash Flowing w/ 8 Free Market units & 1 Store
NYC Pays Majority of Rent Through Vouchers | (Request for Breakdown)
Additional 2,223 Buildable Square Feet of Air Rights
Protected Tax Class 2B (Limited Tax Increases)
Location:
Located in Brownsville Along High Trafficked Pitkin Avenue
Within walking distance to the 3 | A | C Train Lines & B14 Bus Across the Street
Basement:
Mechanicals | Potential for Storage or Retail Use
Ground Floor:
1 Commercial
Occupying Full Ground Floor | Potential Access to Backyard & Basement
Second Floor:
4 apartments
2A – Studio | 1-Bathroom
2B – 1-Bedroom | 1-Bathroom
2C – 1-Bedroom | 1-Bathroom
2D – Studio | 1-Bathroom
Third Floor:
4 apartments
3A – Studio | 1-Bathroom
3B – 1-Bedroom | 1-Bathroom
3C – 1-Bedroom | 1-Bathroom
3D – Studio | 1-Bathroom
Additional Notes:
Building was Altered (Alt 2) in 2009, receiving a new Certificate of Occupancy in 2012
Building was Converted From 2 Apartments & 1 Store to 8 Apartments & 1 Store Through alteration 2, Which Does Not Jeopardize the Free Market Status.
Investment Opportunity:
The Building is Currently Cash Flowing w/ 8 Free Market units & 1 Store
NYC Pays Majority of Rent Through Vouchers | (Request for Breakdown)
Additional 2,223 Buildable Square Feet of Air Rights
Protected Tax Class 2B (Limited Tax Increases)
Location:
Located in Brownsville Along High Trafficked Pitkin Avenue
Within walking distance to the 3 | A | C Train Lines & B14 Bus Across the Street
Property Facts
| Price | $3,218,607 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $357,623 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.05 AC |
| Cap Rate | 8.72% | Building Size | 5,675 SF |
| Gross Rent Multiplier | 8.63 | No. Stories | 3 |
| No. Units | 9 | Year Built | 1930 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Property Subtype | Apartment | ||
| Zoning | C4-3 (M9) | ||
| Price | $3,218,607 CAD |
| Price Per Unit | $357,623 CAD |
| Sale Type | Investment |
| Cap Rate | 8.72% |
| Gross Rent Multiplier | 8.63 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.05 AC |
| Building Size | 5,675 SF |
| No. Stories | 3 |
| Year Built | 1930 |
| Opportunity Zone |
Yes |
| Zoning | C4-3 (M9) |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- Controlled Access
- Tenant Controlled HVAC
- Recycling
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | - | 425 - 475 |
Walk Score®
Walker's Paradise (90)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (73)
Property Taxes
| Parcel Number | 03514-0036 | Improvements Assessment | $487,575 CAD |
| Land Assessment | $29,155 CAD | Total Assessment | $516,731 CAD |
Property Taxes
Parcel Number
03514-0036
Land Assessment
$29,155 CAD
Improvements Assessment
$487,575 CAD
Total Assessment
$516,731 CAD
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1512 Pitkin Ave
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