217 6th Avenue

2 Beds 3 Baths 1,536 Sq.Ft.

About This Property

217 6th Avenue is an opportunity. This three-story red brick, mixed-use building is situated on one of Park Slope’s most charming avenues. Measuring approximately 25 feet wide by 20 feet deep, the building offers generous proportions, natural light and exceptional flexibility for both investors and end users.

The original facade features beautiful red brick, carved brownstone lintels, decorative brickwork and an elaborate period cornice, preserving the character and craftsmanship of Brooklyn’s historic architecture.

The ground floor features an attractive retail storefront with impressive 10’10” ceilings, large display windows, a separate street entrance and a powder room. Above are two bright one bedroom apartments, each featuring a spacious living and dining area, kitchen, full tiled bathroom and bedroom. Additional details include exposed brick, hardwood floors, decorative mantels, and windows overlooking tree-lined views.

A full basement with separately metered electric and a private rooftop with open views across the neighborhood’s treetops and church spires complete the property. The existing rooftop bulkhead provides convenient access to the roof and offers an exciting opportunity to create an outdoor entertaining space.

THE INVESTMENT OPPORTUNITY

It will be delivered vacant, 217 6th Avenue offers investors the rare opportunity to establish market rents and select their own tenants from day one. At projected market rents, the property is expected to generate approximately $160,200 in annual gross income and $136,585 in net operating income.

Based on the $1,900,000 asking price and an estimated $200,000 improvement budget, the projected capitalization rate is 6.5% on a total investment basis of $2,100,000.

The property’s Tax Class 1 designation is an additional advantage, with annual real estate taxes of approximately $5,269, helping keep operating expenses exceptionally low.

THE END-USER OPPORTUNITY

For an owner-occupant, the vacant delivery provides a blank canvas to reimagine the building. One particularly exciting possibility is to combine the existing residential floors and reconfigure the layout into a three-bedroom owner’s triplex, complete with a private roof deck. With the rooftop bulkhead already in place, the property offers an appealing opportunity to create an exceptional indoor-outdoor living experience in the heart of Park Slope.

Alternatively, a buyer could create an owner’s duplex across the upper floors while retaining the ground-floor retail space as an income-producing asset.