2723 W 16th Street

Description

Attention commercial investors, builders, and home buyers! Here's your chance to acquire a substantial residential property with boundless commercial potential in the vibrant enclave of Coney Island. This fully detached 2-family house, presents an unparalleled opportunity for lucrative investment or development.Features:Gut Renovated less than six years ago, this property underwent a gut renovation, ensuring modern comfort and functionality, followed by touch ups and cosmetic updates in 2024.Generous Space: 8 bedrooms and 4 baths offer ample room for various living and investment arrangements.Versatility: M1-2 zoning allows for diverse possibilities from manufacturing to retail.Income Potential: Currently generating income from rented garages, with substantial projected rents.Convenient Location: Close to the beach, boardwalk, and major highways, enhancing accessibility.Low Taxes: Benefit from very low taxes, maximizing profitability.Investment Potential:Explore residential and commercial ventures, from manufacturing to community facilities.Convert to manufacturing facilities, offices, retail outlets, or elevated parking.Consider a community facility such as a daycare, hotel, or hospital.Current Financial Snapshot:Total month rent roll: $8, 125/mTotal monthly expenses: about $1,128/m (1000/month: taxes=420/m, insurance=208/m, gas=250/m, water=125/m)Net monthly profit: over $7,125/mNet annual profit: 85,500 (producing over 6.5% ROI)Contact:Seize this extraordinary opportunity to embark on a winning project. Call now to turn your vision into reality!