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Listing Courtesy of Compass
$6,500,000
Est. payment /mo
45 Beds
16 Baths
15,986 SqFt
UPDATED:
Key Details
Property Type Single Family, Mixed Use
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 15,986 sqft
Price per Sqft $406
Subdivision Coney Island
MLS Listing ID RLS20092735
Bedrooms 45
Full Baths 16
HOA Y/N Yes
Year Built 2020
Annual Tax Amount $163,332
Property Sub-Type Mixed Use
Property Description
1613 Mermaid Avenue presents a rare opportunity to acquire a recently constructed mixed-use investment property in the heart of Coney Island. It is in the middle of the TREMENDOUS $1B investment into the Coney Island waterfront corridor. Located 1 block to Surf Avenue, 2 blocks to Nathan's hot dogs. This is a cash cow trophy property ready for its new owner.
Built in 2020, the seven-story elevator building spans approximately 15,986 square feet and consists of 16 residential apartments, eight parking spaces, and a laundry facility. Ideally located between West 16th and West 17th Streets, the property sits just moments from the iconic Coney Island Boardwalk, beaches, and major transportation lines, positioning it within one of Brooklyn's most recognizable and evolving waterfront neighborhoods.
Current average rents are approximately $2,805 per apartment, with projected annual residential income of $538,500, PLUS additional revenue generated from parking and laundry operations. The building's modern construction, efficient layouts, and strong tenant demand contribute to a compelling investment with long-term upside potential.
A major highlight of the offering is the valuable 421A tax exemption, currently in year 8 of 15 and extending through June 30, 2034, creating strong cash-on-cash performance and long-term holding appeal in a rapidly developing submarket.
Coney Island continues to experience ongoing public and private investment, blending its historic beachfront attractions with a growing year-round residential community. Residents enjoy immediate access to the beach, Luna Park, the New York Aquarium, Maimonides Park, and multiple retail conveniences, while the nearby Stillwell Avenue transportation hub provides direct subway access to Manhattan. 1613 Mermaid Avenue represents a turnkey Brooklyn multifamily asset combining modern construction, tax advantages, and stable income in one of New York City's most iconic coastal neighborhoods.
Email today for the Offering Memorandum!
Built in 2020, the seven-story elevator building spans approximately 15,986 square feet and consists of 16 residential apartments, eight parking spaces, and a laundry facility. Ideally located between West 16th and West 17th Streets, the property sits just moments from the iconic Coney Island Boardwalk, beaches, and major transportation lines, positioning it within one of Brooklyn's most recognizable and evolving waterfront neighborhoods.
Current average rents are approximately $2,805 per apartment, with projected annual residential income of $538,500, PLUS additional revenue generated from parking and laundry operations. The building's modern construction, efficient layouts, and strong tenant demand contribute to a compelling investment with long-term upside potential.
A major highlight of the offering is the valuable 421A tax exemption, currently in year 8 of 15 and extending through June 30, 2034, creating strong cash-on-cash performance and long-term holding appeal in a rapidly developing submarket.
Coney Island continues to experience ongoing public and private investment, blending its historic beachfront attractions with a growing year-round residential community. Residents enjoy immediate access to the beach, Luna Park, the New York Aquarium, Maimonides Park, and multiple retail conveniences, while the nearby Stillwell Avenue transportation hub provides direct subway access to Manhattan. 1613 Mermaid Avenue represents a turnkey Brooklyn multifamily asset combining modern construction, tax advantages, and stable income in one of New York City's most iconic coastal neighborhoods.
Email today for the Offering Memorandum!
Location
State NY
County Kings
Interior
Furnishings Unfurnished
Fireplace No
Laundry Common On Floor, Laundry Room, See Remarks
Exterior
Exterior Feature Private Outdoor Space Over 60 Sqft
View Y/N No
Private Pool No
Building
Dwelling Type Multi Family,Mixed Use
Story 7
New Construction No
Others
Tax ID 07021-0049
Ownership None
Monthly Total Fees $13, 611
Pets Allowed Building No, No
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Randy Reis
Team Leader | License ID: 40RE1176716
Team Leader License ID: 40RE1176716