5221 Flatlands Avenue, Brooklyn, NY 11234

• 29,152 sqft

Property Description

Fully Occupied 24-Unit Investment Property in Old Mill Basin, Brooklyn Located in the highly desirable Old Mill Basin section of Brooklyn, this fully occupied 24-unit brick building presents a prime opportunity for investors with significant upside potential. Each unit is equipped with separate HVAC systems and individual hot water tanks, with tenants responsible for all utilities except water, keeping operating costs low. The building features 16 covered parking spaces, 10 storage units, and a laundry room, unlocking major potential for added revenue. Key Highlights: 16 on-site parking spots (projected: $67,200/year at $350/month) 10 storage units (projected: $33,000/year at $275/month) Laundry room income (projected: $9,000/year outsourced) Total projected additional income: $109,200/year NOI: $478,505 | Projected Cap Rate: 5.0% 15-Year Tax Abatement Expired Low common area expenses Viewings by appointment only Ideal for 1031 Exchange or long-term investors This property offers immediate cash flow with room to increase income, making it a smart addition to any real estate portfolio.

Listing Status:

Active

Listing Office:

Blue Key Real Estate Brokerage : 718-921-2280

MLS ID:

807492

Interior

• Basement: None
• A/C: Central AirENERGY STAR Qualified EquipmentSeparate Meters
• Heating: ENERGY STAR Qualified EquipmentForced AirHot Air

Exterior

• Parking: Underground

Location

• Originating MLS: onekey2
• School District: Brooklyn 22
• County: Kings (Brooklyn)

Lot

• Fencing: Front Yard

Utilities

• Utilities: Cable AvailableElectricity ConnectedNatural Gas AvailableNatural Gas Connected
• Water: Public
• Sewer: Public Sewer

Financial

• Source: onekey2

This listing courtesy of Blue Key Real Estate Brokerage