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2850 W 17th St 6 Unit Apartment Building $2,606,231 CAD ($434,372 CAD/Unit) 7.50% Cap Rate Brooklyn, NY 11224
Investment Highlights
- Free Market Rents
- Fully renovated in 2019
- Protected Tax Class 2A
Executive Summary
Key highlights of the property include:
- Fully Renovated: A 6-unit multifamily building in Coney Island that underwent a complete gut renovation in 2019 (including the roof, mechanicals, plumbing, and electric) with a new Certificate of Occupancy issued in 2021.
- Free-Market: A 100% free-market rent roll (never rent-stabilized), offering full owner control over rents and turnover—ideal for a 1031 exchange.
- Financials: Priced at $1,875,000 ($312,500/unit, $530/SF) with a 7.50% in-place cap rate and a Net Operating Income (NOI) of $140,658.
- Location: Prime location steps from the Coney Island boardwalk and beach, and approximately 0.3 miles from the Stillwell Ave subway terminal (D, F, N, and Q lines).
- Fully Renovated: A 6-unit multifamily building in Coney Island that underwent a complete gut renovation in 2019 (including the roof, mechanicals, plumbing, and electric) with a new Certificate of Occupancy issued in 2021.
- Free-Market: A 100% free-market rent roll (never rent-stabilized), offering full owner control over rents and turnover—ideal for a 1031 exchange.
- Financials: Priced at $1,875,000 ($312,500/unit, $530/SF) with a 7.50% in-place cap rate and a Net Operating Income (NOI) of $140,658.
- Location: Prime location steps from the Coney Island boardwalk and beach, and approximately 0.3 miles from the Stillwell Ave subway terminal (D, F, N, and Q lines).
Financial Summary (Actual - 2026) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$243,943
|
$68.97
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$243,943
|
$68.97
|
| Taxes |
$16,528
|
$4.67
|
| Operating Expenses |
$31,902
|
$9.02
|
| Total Expenses |
$48,430
|
$13.69
|
| Net Operating Income |
$195,513
|
$55.28
|
Financial Summary (Actual - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $243,943 |
| Annual Per SF | $68.97 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $243,943 |
| Annual Per SF | $68.97 |
| Taxes (CAD) | |
|---|---|
| Annual | $16,528 |
| Annual Per SF | $4.67 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $31,902 |
| Annual Per SF | $9.02 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $48,430 |
| Annual Per SF | $13.69 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $195,513 |
| Annual Per SF | $55.28 |
Property Facts
| Price | $2,606,231 CAD | Building Class | C |
| Price Per Unit | $434,372 CAD | Lot Size | 0.05 AC |
| Sale Type | Investment | Building Size | 3,537 SF |
| Cap Rate | 7.50% | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1920/2019 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | R6 | ||
| Price | $2,606,231 CAD |
| Price Per Unit | $434,372 CAD |
| Sale Type | Investment |
| Cap Rate | 7.50% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.05 AC |
| Building Size | 3,537 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built/Renovated | 1920/2019 |
| Opportunity Zone |
Yes |
| Zoning | R6 |
Amenities
Site Amenities
- Walk-Up
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | 480 |
| 1+1 | 5 | - | 544 |
1 1
Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
100/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 07020-0029 | Total Assessment | $372,911 CAD |
| Land Assessment | $75,846 CAD | Annual Taxes | $16,528 CAD ($4.67 CAD/SF) |
| Improvements Assessment | $297,064 CAD | Tax Year | 2026 |
Property Taxes
Parcel Number
07020-0029
Land Assessment
$75,846 CAD
Improvements Assessment
$297,064 CAD
Total Assessment
$372,911 CAD
Annual Taxes
$16,528 CAD ($4.67 CAD/SF)
Tax Year
2026
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2850 W 17th St
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