1647 8th Ave - Apartments FOR SALE


Brooklyn, NY 11215- Park Slope
$4,995,000 USD
347-243-8776
1647 8th Ave, Brooklyn, NY for Sale
$4,995,000 USD
Apartments - FOR SALE
1/18
null | 4.72% Cap Rate

1647 8th Ave
Brooklyn, NY 11215
Park Slope


HIGHLIGHTS

  • Prime Prime Location in heart of Park Slope, around the corner from Prospect Park & Subways
  • 100% FREE MARKET UNITS all INDIVIDUALLY METERED
  • GUT RENOVATED BUILDING WITH SHARED TENANTS LOUNGE & YARD
  • 4.7% CAP rate on in ace rents, and 5.5% CAP Rate on Pro-Forma rents by year 2
  • Protected Tax class as well as very low operating expenses especially with tenants paying their own utilities

OVERVIEW

Free Market 6 Family in Prime Park Slope! Located in the coveted neighborhood of Park Slope just around the corner from Prospect Park, 1647 8th Ave represents an investor with the opportunity to acquire a cash flowing hassle free investment property with 100% rent collectinos and plenty of future upside. The current rent roll is below market rents with COVID pricing on many of the units, this adds a value add component for increasing rents significantly as the leases expire. Rents in the area have seen an increase of more then 30% from a year ago, and we have just leased out unit #2B at a 37% increase from a year ago. The building is also in a proected class tax ensuring that the taxes increases will be limited. Located in Prime Park Slope Location around the corner from Prospect Park, the F/G subway lines, and a block from 7th Ave the commercial corridor which Park Slope is famous for. The building benefits from a shared yard, a tenants lounge, storage cages, and laundry all accessable from the common basement of the building. Configured as 5 two bedroom units and one 1 bedroom unit all featuring their own hot water tanks and split unit HVAC systems minimizing the owners expenses. *Please confrim with all applicable professionals as Real Street Inc makes no representation beyond what owners have relayed.

FOR SALE DETAILS

PRICE

$4,995,000 USD

PRICE/SF

$1,015 USD /SF

# OF UNITS

6

PRICE/UNIT

$832,500

CAP RATE

4.72%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1923

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.04 AC

LAND SF

1,742 SF

ZONING

R5B

APN/PARCEL ID

01113-0005

ASK ABOUT THIS PROPERTY

Sully KleinReal StreetMore Info
347-243-8776

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Sully KleinReal StreetMore Info
347-243-8776

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.