Eight Family Building w/ Five Free Market Apartments
14 Lincoln Place
Park Slope
Closed 05/01/2014 at
$3,500,000
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Overview
The 8-unit multifamily building at 14 Lincoln Place is now offered for sale. The property is located on Lincoln Place between 5th Avenue and 6th Avenue-just three blocks from Grand Army Plaza and Prospect Park-in the Park Slope neighborhood of Brooklyn.
The property is 28′ wide and has eight large 2 bedroom apartments. Five of the apartments are free market, two are rent stabilized and one is rent-controlled. There is considerable upside in the offering as the current average monthly rent is ~$23 per/SF. New construction developments and high end conversion projects in Park Slope are achieving rents exceeding $50 per Sq Ft. This property also offers condo conversion potential as the five free market units have month to month leases and the two stabilized units are paying over $1700 a month.
Attractions
The property is conveniently located within walking distance of Barclays Center, BAM, Grand Army Plaza and Prospect Park. It is also half a block from Park Slope’s trendy 5th Avenue retail corridor, which is lined with some of the boroughs best boutique stores, restaurants and coffee shops. The R train is one block away at the Union Street subway station on 4th Avenue. Atlantic Terminal is one stop away on the R and provides access to the D,N,R,B,Q,2,3,4,5 Trains and the LIRR