Price Per SF
$270
Price Per Unit
$258,333
Units
6
Year Built
1931
Leasable Area
5,370 SF
Property Type
Apartments
INVESTMENT HIGHLIGHTS
- Large Footprint: The existing building is 26’ x 75’ with central air shafts, allowing for six 3BR / 2BTH railroad apartments.
- Vacancy: Two of the six units will be delivered vacant (2R & 3R), with two additional units in arrears with evictions in-process (1L & 1R).
- Owner/User Potential: Buyer could occupy one or more of the vacant units for their own use and lease out the rest for cashflow.
- High Legal Rents: Legal rents average $32 / SF or ~$1,950 / month per unit – though still below market in this area, the registered legal rents can easily support a 6-6.5% cap at asking price.
- Available Air Rights: The property has 2,430 SF of unused air rights, presenting opportunity for future expansion or a sale of air rights sale/transfer.
- Desirable Location: This pocket of Crown Heights is home to some of Brooklyn’s best restaurants and retail, with Chavelas, Franklin Park, Mayfield, and countless others located along Franklin, Bedford & Nostrand Avenues.
- Proximity to Transportation: The 2, 3, 4, 5, & S trains are within a few blocks away, offering access to Downtown Brooklyn and Midtown Manhattan within 20-30 minutes.
Broker of Record
- Cory Rosenthal
- License No. 10991237833 (NY)
- (866) 889-0550
- Matthews Real Estate Investment Services, Inc
- 1600 West End,
Ste. 1500 Nashville, TN 37203