2729 W 16th St Brooklyn, NY 11224
Coney Island NeighborhoodEstimated payment $13,823/month
Highlights
- Wood Flooring
- Heating System Uses Steam
- Back and Front Yard
- 6 Car Attached Garage
- Private Driveway
About This Home
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 area—schedule a viewing today!
Listing Agent
Michelle Zhang - RE/MAX R4 - State
RE/MAX Real Estate Professionals License #10401237592 Listed on: 03/11/2025
Property Details
Property Type
- Other
Est. Annual Taxes
- $6,670
Lot Details
- Lot Dimensions are 60'x118.75'
- Irregular Lot
- Back and Front Yard
Home Design
- Mixed Use
- Block Foundation
- Tile Roof
- Metal Roof
- Vinyl Siding
- Stucco Exterior
- Masonry
Flooring
- Wood
- Tile
Finished Basement
- Basement Fills Entire Space Under The House
Parking
- 6 Car Attached Garage
- Private Driveway
Utilities
- Heating System Uses Steam
- Heating System Uses Gas
- 200+ Amp Service
- Gas Water Heater
Listing and Financial Details
- Tax Block 6996
Community Details
Overview
- 3 Units
Building Details
- Fuel Expense $4,237
- Insurance Expense $4,987
- Utility Expense $350
- Gross Income $144,000
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2024 | $6,670 | $59,160 | $36,480 | $22,680 |
| 2023 | $6,367 | $72,600 | $36,480 | $36,120 |
| 2022 | $5,908 | $63,360 | $36,480 | $26,880 |
| 2021 | $5,881 | $53,400 | $36,480 | $16,920 |
| 2020 | $5,881 | $44,640 | $36,480 | $8,160 |
| 2019 | $5,785 | $49,380 | $36,480 | $12,900 |
| 2018 | $5,326 | $26,126 | $14,414 | $11,712 |
| 2017 | $5,027 | $24,661 | $14,000 | $10,661 |
| 2016 | $4,655 | $23,288 | $11,908 | $11,380 |
| 2015 | $2,806 | $23,288 | $13,402 | $9,886 |
| 2014 | $2,806 | $23,064 | $13,273 | $9,791 |
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 03/11/2025 03/11/25 | For Sale | $2,500,000 | -- | $965 / Sq Ft |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Deed | -- | -- | |
| Deed | -- | -- | |
| Deed | $1,200,000 | -- | |
| Deed | $1,200,000 | -- | |
| Interfamily Deed Transfer | -- | -- | |
| Interfamily Deed Transfer | -- | -- | |
| Interfamily Deed Transfer | -- | -- | |
| Interfamily Deed Transfer | -- | -- | |
| Deed | $530,000 | -- |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Previous Owner | $1,142,000 | Unknown | |
| Previous Owner | $424,000 | No Value Available | |
| Previous Owner | $0 | Purchase Money Mortgage | |
| Closed | $0 | No Value Available |
Source: Brooklyn Board of REALTORS®
MLS Number: 489820
APN: 06996-0030
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