1840 Coney Island Avenue

Midwood, Brooklyn, NY 11230

Introducing 1840 Coney Island Avenue a turn key two family over two commercial corner property in the heart of midwood on a bustling vibrant corner. The property is built 20 80 fully free market with C8-2 zone meaning you can build up an additional 2700sqFt if you choose to do so (2 additional floors). The turn key residential apartments upstairs are 4BR 1.5bath each getting 2200 monthly. You can get closer to 3000 monthly rents as the new owner or duplex the apartments to live in yourself. The two stores downstairs are paying $4600 and $2000 and everyone is paying on time. The back commercial store can be converted back into a garage for parking attached to the property.The current rent roll is 129,600 with 117,000 in NOI. The tax is extremely low (1a) and the commercial tenant pays 50% of the tax and insurance. A new owner can come in and immediately increase the rents for a pro forma of 160,000RR and 148,000 NOI. This turn key property perfect for a 1031 exchange will not last

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Broker Office Phone Number: 212-300-6412

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