Twenty Unit Multifamily Building

Overview

The property is located on 12th Street between 5th Avenue and 6th Avenue - just three blocks from Prospect Park - in the Park Slope neighborhood of Brooklyn. The property is compromised of one 4-bedroom apartment with side yard access, six 3-bedroom apartments and thirteen 2-bedroom apartments. The property consists of 8 free-market apartments and 12 rent stabilized apartments. All of the free-market units have been fully renovated with high end finishes. The building is 50 feet wide and totals 14,644 SF. The gross annual income on the property is around $529,293 and the NOI is around $390,868. There is significant upside in the rents as the average price/SF from the rent stabilized units is around $23/SF in a market where renovated units achieving $65/SF. The rent stabilized units are all large 2 bedroom units that can easily be converted to three bedroom apartments. Park Slope continues to be one of the strongest and most established sub-markets in the New York City area, yet there is still a shortage of supply to satisfy the demand for high-end rental units as well as co-ops and condos. As a result of this tight inventory for housing, condo and co-op pricing in the heart of Park Slope is $1,500/SF and the rental market is around the $65/SF range. The building is within easy walking distance of the F and G trains at the 7th Avenue subway station and just two stops from the Atlantic terminal and Barclays Center, providing access to the D,B,N,Q,R,2,3,4,5 trains and the LIRR.