Cap Rate
6.51%
Price Per SF
$504
Units
12
Gross SQFT
9,920
Year Built
2019
Property Type
Apartments
INVESTMENT HIGHLIGHTS
- Well-Located: Just blocks from Target and Brooklyn College, two key economic engines for Central Brooklyn
- 2019 Construction: Properties is highly efficient and represents turn-key cashflow with very low maintenance
- High-End Finishes: Units are outfitted with high-end appliances, fixtures, central heating / cooling and all have private terraces, rooftops and/or patios.
- 421a Tax Abatement: Properties benefit from 421a tax abatement (expires 2057), with current total taxes of just $3,737 per year
- High Legal Rents: 4 of 12 units are rent stabilized per the 421a tax abatement – current rents for stabilized units average $2,348/mo.
- Path To Fully Free Market: Four stabilized units can be converted to free market upon tenant turnover after abatement expiration.
- Proximity to Brooklyn College: The neighborhood enjoys high demand for rental units from families, students and professionals alike
- Transportation Accessibility: Two blocks to the 2 & 5 trains at Flatbush Avenue – Brooklyn College, offering access to Downtown Brooklyn and Manhattan within 30-40 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