3
See all 3 photos
$2,500,000
Est. payment /mo
7,126 Sqft Lot
New
2729 W 16th ST Brooklyn, NY 11224
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UPDATED:
03/12/2025 07:09 AM
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
MLS Listing ID KEY833912
Originating Board onekey2
Rental Info No
Year Built 1925
Annual Tax Amount $6,670
Lot Size 7,126 Sqft
Acres 0.1636
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.
Location
State NY
County Kings (brooklyn)
Rooms
Basement Finished, Full
Interior
Heating Natural Gas
Cooling None
Fireplace No
Exterior
Utilities Available See Remarks
Building
Sewer Other
Water Other
Structure Type Brick
Others
Special Listing Condition None
Listed by RE/MAX Edge