Cap Rate
7.24%
Price Per SF
$389
Price Per Unit
$204,545
Units
11
Gross SQFT
5,778
Year Built
1915
Property Type
Apartments
INVESTMENT HIGHLIGHTS
- Low Maintenance: Building was renovated in 2015 and has been well maintained since, with no need for short term capital improvements
- Upside in Legal Rents: Though the 8 residential units are rent stabilized, current leases have preferential rents in place, with ~15% upside in legal rents
- Excellent Light & Air: Side and rear air shafts provide units with substantial light and air, allowing for efficient unit layouts
- Separate Utilities: Tenants are responsible for their own electric, heat & hot water
- Protected Tax Class: 2B Tax Class limits tax increase to no more than 8% a year or 30% over 5 years
- Transportation Accessibility: Within 2 blocks of the 3-train at Van Siclen Avenue, offering access to Atlantic Terminal and FiDi within 30-45 minutes
Broker of Record
- Corey Rosenthal
- License No. 10991237833 (NY)
- (866) 889-0550
- Matthews Real Estate Investment Services
- 1600 West End,
Ste. 1500 Nashville, TN 37203