6819 3rd Ave Brooklyn, NY 11220
Bay Ridge NeighborhoodEstimated payment $19,188/month
Total Views
120
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Price per Sq Ft
About This Home
INVESTMENT OPPORTUNITY IN BAY RIDGE, BROOKLYN FANTASTIC 6 FAMILY AND CHIC RESTAURANT!! HIGH-INCOME INVESTMENT OPPORTUNITY IN BAY RIDGE, BROOKLYN. EXTRA-LARGE (27x70 BLDG SIZE - 7500 SQFT - 27x106 LOT SIZE Zoning: C1-3/R5B ) 4 STORY, BRICK 6 FAMILY + STORE/RESTAURANT. FIVE OF THE SIX UNITS ARE FREE MARKET, CIRCA 2004, AND ARE NOT SUBJECT TO RENT STABILIZATION. MAKING IT A LUCRATIVE INVESTMENT OPPORTUNITY FOR THOSE LOOKING FOR STABLE, LONG-TERM RETURNS. OVER $210,000/YEAR RENTAL INCOME. CENTRALLY LOCATED ON BUSY, HIGH-TRAFFIC & BUSTLING 3rd AVENUE, IN THE EPICENTER OF BAY RIDGE. WELL-ESTABLISHED RESTAURANT WITH BEAUTIFUL OUTDOOR DECK TENANT IS IN THE PROCESS OF OBTAINING A LIQUOR LICENSE. TENANT PAYS ALL THEIR OWN UTILITIES + 1/3 BLDG TAXES & 1/2 BLDG WATER BILL. BUILDING OWNER ALSO OWNS ALL RESTAURANT FIXTURES AND THEY ARE INCLUDED IN THE SALE. RESTAURANT SEEKS A LONG LEASE EXTENSION! THIS VERY EFFICIENT & EXTREMELY WELL-MAINTAINED PROPERTY PRACTICALLY RUNS ITSELF. PRIME PIECE OF INVESTMENT REAL ESTATE IN ONE OF BROOKLYN'S MOST DESIRABLE & PREMIER NEIGHBORHOODS, WITH EVEN MORE OUTSTANDING UPSIDE POTENTIAL FOR ITS NEXT SAVVY OWNER. 5.25% Cap at $157,820 NET-With Potential to Surpass 6.0% Once Rents Are Optimized! Owner retiring after 30 successful years. Just collect and count. **CURRENTLY UNDERGOING PROFESSIONAL LEAD ENCAPSULATION IN COMPLIANCE WITH NYC LEAD LAW.** THE PROPERTY OFFERS EXCEPTIONAL UPSIDE RENTAL POTENTIAL. Of the six residential units, five are currently free-market with no leases in place, allowing a new owner to raise rents to market levels. The layout of each unit-a classic railroad-style two-bedroom with dual hallway entrances and a central living space-makes them ideal for maximizing rental income. Based on current market trends and comparable rentals in Bay Ridge, each free-market unit has potential to command up to $2,700/month, compared to existing averages below $2,000/month. This creates a projected upside of over $41,000/year in additional gross income. With this value-add opportunity, the cap rate has room to improve significantly-on top of an already attractive 5.25% based on current net income of $157,820.
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $33,704
Community Details
- Bay Ridge Community
Map
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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 |
|---|---|---|---|---|
| 2025 | $33,704 | $508,500 | $13,050 | $495,450 |
| 2024 | $33,704 | $635,400 | $13,050 | $622,350 |
| 2023 | $30,621 | $589,500 | $13,050 | $576,450 |
| 2022 | $28,353 | $597,600 | $13,050 | $584,550 |
| 2021 | $26,395 | $550,800 | $13,050 | $537,750 |
| 2020 | $12,976 | $609,300 | $13,050 | $596,250 |
| 2019 | $26,154 | $609,300 | $13,050 | $596,250 |
| 2018 | $24,423 | $192,016 | $3,441 | $188,575 |
| 2017 | $22,673 | $178,260 | $3,671 | $174,589 |
| 2016 | $21,339 | $165,518 | $3,614 | $161,904 |
| 2015 | $13,332 | $165,518 | $3,865 | $161,653 |
| 2014 | $13,332 | $160,541 | $4,142 | $156,399 |
Source: Public Records
Property History
| Date | Event | Price | Change | Sq Ft Price |
|---|---|---|---|---|
| 08/14/2025 08/14/25 | For Sale | $3,006,095 | -- | -- |
Source: NY State MLS
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Deed | -- | -- | |
| Deed | -- | -- | |
| Deed | -- | -- | |
| Deed | -- | -- | |
| Deed | $320,000 | -- | |
| Deed | $320,000 | -- |
Source: Public Records
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Previous Owner | $700,000 | Commercial | |
| Previous Owner | $250,000 | Commercial | |
| Previous Owner | $224,000 | Commercial |
Source: Public Records
Similar Homes in Brooklyn, NY
Source: NY State MLS
MLS Number: 11556369
APN: 05863-0002
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