440 New Lots Ave, Brooklyn, NY, 11207

About This Home

Mixed-Use Investment Opportunity | Free-Market Apartments | Corner Lot Welcome to 440 New Lots Avenue, a rare mixed-use property offering immediate cash flow and long-term upside in the heart of East New York, Brooklyn. Situated on a highly visible corner lot (approx. 100 ft x 20 ft), this property blends residential stability with retail potential in one of the city’s most rapidly evolving neighborhoods. ? Property Highlights • 3-story, 4,500 SF building plus garage on a 1,940 SF corner lot • 5 Free-Market Apartments – no rent-controlled or stabilized units | All are 2 Bed, 1 Bath Layouts • 1 Ground-Floor Commercial Space with excellent frontage along New Lots Avenue • Current Undermarket rents offer tremendous upside: o Apt 1: $1,000 o Apt 2: $1,075 o Apt 3: $1,025 o Apt 4: $1,200 o Apt 5: $875 • New boiler (~5 months old) and roof in solid condition (approx. 10 years old) • Additional 214 SF of unused development rights (air rights) for potential expansion • Newly remodeled bathrooms in 5 apartments ? Investor Appeal • Current rents are significantly below market, creating a value-add opportunity through repositioning and lease-up. • Strong mixed-use zoning (R6 with C1-3 commercial overlay) allows for flexible use, retail draw, and potential redevelopment upside . • Low annual property taxes (approx. $4,259 for 2024/25) support higher NOI . ? Location & Lifestyle Positioned at the crossroads of New Lots Avenue & Vermont Street, the property enjoys strong foot traffic and excellent transportation access: • Transit: A/C, 3, and L subway lines all nearby, providing quick access into Manhattan and greater Brooklyn. • Highways: Easy access to Belt Parkway and Jackie Robinson Parkway. • Conveniences: Surrounded by grocery stores, retail shopping, neighborhood services, and schools. • Dining & Culture: Local restaurants and cafés contribute to a growing community vibe. ✨ The Opportunity Whether you are an investor looking to reposition and capture higher rents, or an end-user seeking a mixed-use building with income-producing units, 440 New Lots Avenue offers strong fundamentals, clear upside, and excellent long-term value in one of Brooklyn’s emerging growth corridors. Currently tenant occupied! Must give 48-72 Hours notice for touring.