Mixed-Use Property at 8623 Flatlands Avenue in Brooklyn

Add the largest mixed-use property currently available in 11236 to your portfolio. A newly constructed (2024) elevator building featuring 13 units: 12 residential, 1 commercial, an 8-car garage, and a 35-year 421-a tax abatement (already applied to DOF, with approximately 33 years remaining).

This 4-story building is home to 11 rent stabilized units and 1 permanently exempt unit (a 3BR, 2BA), along with 2,223SF of retail space, private parking, laundry, and storage.

Income (Annual):

Residential: $366,044.28

Laundry: $7,200.00

Commercial: $60,000.00

Parking: $9,600.00 (8 parking spaces, not currently rented, with a conservative projected income of $100/month per space).

Expenses (Annual):

Electric: $7,200 (including elevator)

Water: $16,746.78 (for 2025)

Taxes: $15,682.84 (for 2026 and $16,628.06 for 2027)

Insurance: $23,888.75

Maintenance: $9,000 (estimated)

This property offers a strong rent roll for its asset class, multiple income streams, and long-term tax advantages.