4 Story Multifamily building in Sunset Park

Overview

The twenty-three (23) unit multifamily building at 215 33rd Street is now offered for sale. The building is located on 33rd Street between 4th Avenue and 5th Avenue in the Sunset Park neighborhood of Brooklyn. The 50ft wide, four-story building is comprised of 16 rent-stabilized units and 7 free-market apartments. The roof and boiler are new.  The building currently produces a gross annual income of approximately $322,000. The seller recently completed extensive interior and exterior renovations to the building.  The repairs include a new sidewalk; cornice repair; re-pointing of bricks and removal and replacement of window lentils; scraping and repainting fire escapes; repainting of interior walls and retiling of hallway floors. There is significant upside in the property as  7 of the 23 units are free-market and the registered (DHCR) rents are 40% higher than the current rents.  Rents in South Park Slope are approaching $40 per square foot and condos in the area sell for $700/Sq. Ft. The building is 3 blocks from the D, N and R trains at 36th Street; convenient transportation access keeps vacancy rates in the building extremely low.