188 Butler Street presents a rare opportunity to acquire a fully renovated, three-unit free-market multifamily property with significant value-add potential in the heart of Gowanus, Brooklyn. The building generates stable in-place income and benefits from approximately 2,400 SF of unused residential FAR (R6B/M1-4 zoning), allowing for vertical expansion and a potential 5-unit condo sellout. All units are modern 2BRs with in-unit washer/dryers, hardwood floors, and private outdoor access. The ground-floor unit features a ~1000 SF private garden, and all units are individually metered for gas and electric. The property is ideal for investors seeking long-term cash flow, or developers exploring boutique condo conversion. Ownership is offered via LLC transfer, streamlining the acquisition process and providing potential tax benefits for the buyer, acquiring a 5.25% fixed-rate mortgage, offering financing flexibility in today’s rate environment. Located on a quiet tree-lined block near Bond Street, the building is within walking distance of Whole Foods, Union Street R train, Smith Street retail, and Gowanus’ ongoing infrastructure improvements under the neighborhood rezoning plan. This is an excellent opportunity to secure a turn-key, income-producing property with long-term growth and development upside in one of Brooklyn’s most dynamic neighborhoods.