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2729 W 16th St

New York NY 11224

2592 sq. ft.
0.16 ac.
Single-Family
Currently for sale - view listing

Overview

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 areaschedule a viewing today!

Features

2592 sq. ft. floor area
0.16 ac. lot size
Single-Family

Property history for 2729 W 16th St

2019
Sold
$1,200,000
02 May 2019

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Local market activity for single-family properties in New York

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Sales:
(619) 566-0008
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