3
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$2,500,000
Est. payment /mo
2,592 SqFt
Active
2729 West 16th ST Brooklyn, NY 11224
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Key Details
Property Type Other Rentals
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 2,592 sqft
Price per Sqft $964
MLS Listing ID 489820
Annual Tax Amount $6,670
Lot Dimensions 60'X118.75'
Property Sub-Type Mixed Use
Property Description
This prime investment opportunity in Coney Island features a high-potential mixed-use property with a warehouse and three residential units on a 60' x 119' lot (M1-2 zoning), allowing for various commercial and industrial uses with potential future zoning changes. The warehouse generates $5,000/month (month-to-month, no lease), while the residential units bring in additional rental income: a two-bedroom apartment at $2,000/month and two three-bedroom apartments at $2,500/month each. With low property taxes of $6,670 per year and an estimated 5% cap rate, this property offers strong investment potential. Ideally located near Home Depot, Raymour & Flanigan, Best Buy, and key commercial hubs, it also provides convenient access to public transportation via the N, D, F, and Q subway lines and quick entry to the Belt Parkway. Perfect for investors or owner-operators, this property allows for stable rental income while utilizing or leasing the warehouse. With ongoing zoning changes and potential for increased Floor Area Ratio (FAR), there may be future opportunities for vertical expansion and redevelopment. Don't miss this rare chance to acquire a high-yield investment in a growing area—schedule a viewing today!
Location
State NY
County Kings (brooklyn)
Area Coney Island
Rooms
Basement Finished, Full
Interior
Interior Features Other
Hot Water Gas
Heating Gas
Flooring Hardwood, Tile
Heat Source Gas
Exterior
Exterior Feature Stucco, Vinyl Siding
Roof Type Metal,Tile
Building
Foundation Block, Other
Others
Energy Description Gas
Financing 1031 Exchange,Bank Mortgage,Cash
Listed by RE/MAX Edge