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181 Irving Avenue

Brooklyn, NY 11237

$2,799,000 $11,800/Mo

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Description

Prime Bushwick 4-Family Mixed-Use Investment Opportunity 181 Irving Avenue is a fully occupied mixed-use brick property offering a strong combination of in-place income, diversified tenancy, and future development potential in Bushwick, Brooklyn. The property features four residential apartments and two established ground-floor commercial storefronts, providing multiple income streams and an attractive investment profile. The property generates approximately $230,400 in annual gross scheduled income with a preliminary NOI of $190,400. The Yearly Property Taxes are $13,200. The four residential apartments are railroad-style layouts with high ceilings, large windows, hardwood floors, modern finishes, and well-maintained interiors. The total current residential rents is $12,200 per month. T he two commercial storefronts are occupied by established neighborhood businesses, including a pet store and coffee shop, with retail leases extending through 2030, providing additional income stability. The pet store lease includes private backyard space, and the coffee shop reimburses one-third of the building's total water expense. The property sits on a 25' × 100' lot with approximately 4,875 SF of building area, full basement, private backyard, and R6 zoning. The listing reports approximately 1,198 SF of additional buildable area, providing potential future expansion or development upside, subject to zoning requirements and applicable approvals. The roof is approximately 7 years old, the boiler approximately 7 years old, and the water heater approximately 2 years old. Financially, the property offers approximately $230,400 in annual gross scheduled income, with approximately $40K in total operating expenses and a preliminary NOI of $190,400. At the asking price of $2,790,000, the property offers a preliminary 6.8% cap rate. The combination of strong in-place income, diversified residential and commercial tenancy, retail leases extending through 2030, and additional development potential makes 181 Irving Avenue an attractive opportunity for investors seeking current cash flow and long-term upside. Serious inquiries are invited to request the complete financial package and arrange a private showing. The property may also be considered as a 1031 exchange replacement property, subject to the buyer's tax and legal advisors. All rents, leases, expenses, taxes, zoning, square footage, FAR, tenant obligations, and building conditions should be independently verified by the purchaser. NOI and cap rate are preliminary and are not an appraisal or guarantee of sale price.

Property Details

Property Type : Residential Income

Price : $2,799,000

AD Id : 91672135

MLS Id : 1058383

Tax Amount : $13,255

Year Built : 1931

County : Kings (Brooklyn)

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Features

Room Information

Basement: Finished
Interior Features

Eat-in Kitchen
Heating & Cooling

Has Heating: Yes Heating: Heat Pump, Natural Gas Has Cooling: Yes Cooling: Wall/Window Unit(s)

Building Information

Year Built: 1931 Building Area Total: 4875 Construction Materials: Block, Brick Private Pool: No

Lot Information

Lot Size Square Feet: 2500

Listing Price Information

Listing Price: $2799000

Tax Information

Parcel Number: 3003259003 Tax Lot: 3 Tax Block: 3259 Annual Tax: $13255

Parking Information

No Garage, None

School Information

Elementary School: Ps 376

Junior High School: Jhs 383 Philippa Schuyler

Senior High School: All City Leadership Secondary Sch
Utility Information

Natural Gas Available, Electricity Connected, Natural Gas Connected, Sewer Connected, Water Connected
Location Information

WaterSource: Public

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Nearby Home Value

Address	Estimate	Bed	Bath	Sq. Ft	Lot Size
405 Irving Avenue, Brooklyn, NY, 11237	$2,250,000	6	5	--	--
405 Irving Avenue, Brooklyn, NY, 11237	$2,250,000	6	4.5	3,300	0.05 Acre
406 Linden Street, Brooklyn, NY, 11237	$1,800,000	14	6	--	0.05 Acre
283 Wyckoff Avenue, Brooklyn, NY, 11237	$2,599,999	8	4	--	0.05 Acre
1471 Gates Avenue, Brooklyn, NY, 11237	$1,385,000	6	3	--	--
403 Stockholm Street, Brooklyn, NY, 11237	$1,800,000	4	3	--	0.06 Acre
106 Wyckoff Avenue, Brooklyn, NY, 11237	$1,595,000	--	--	--	0.04 Acre
858 Hart Street, Brooklyn, NY, 11237	$1,890,000	--	6	5,250	0.06 Acre
1140 Willoughby Avenue, Brooklyn, NY, 11237	$1,998,000	9	6	--	0.06 Acre
299 Troutman Street, Brooklyn, NY, 11237	$500,000	16	8	6,500	0.06 Acre

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