Cap Rate
6.20%
Price Per SF
$514
Units
18
Gross SQFT
13,805
Year Built
2018
Occupancy
100%
NOI
$438,326
Property Type
Apartments
INVESTMENT HIGHLIGHTS
- Desirable Location: Located on Linden Boulevard between Nostrand & Rogers Avenues, on the border of Prospect Lefferts Garden and Flatbush, Brooklyn
- High-End Finishes: Units are outfitted with stainless steel appliances, central A/C, stone countertops, etc.
- Building Amenities: Common areas include laundry in-building, a lounge area, shared back yard, and roof access
- Low-Maintenance: Buildings were constructed in 2018 and are fully occupied, translating to minimal up-front management required
- Tax Abatement: Property benefits from a 421a tax abatement (in year 5 of 35), with a current annual tax bill of just $3,400
- Path to Fully Free-Market: Units are rent stabilized under the 421a tax abatement – these can be destabilized upon tenant turnover after abatement expiration
- Public Transportation: Within blocks of the 2 & 5 trains at Church Avenue and the Q train at Parkside Avenue with direct access to Downtown Brooklyn & Union Square
- Retail Accessibility: Close proximity to numerous retail options along Church and Flatbush Avenues, including Target, Key Foods, CityMD, Chase, CVS, etc.
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