452 Atlantic Ave - Apartments FOR SALE


Brooklyn, NY 11217- Boerum Hill
$3,850,000 USD
718-475-4382
452 Atlantic Ave, Brooklyn, NY for Sale
$3,850,000 USD
Apartments - FOR SALE
1/15
null | 6% Cap Rate

452 Atlantic Ave
Brooklyn, NY 11217
Boerum Hill


OVERVIEW

BUILDING OVERVIEW Set on the northern edge of Boerum Hill where it meets Downtown Brooklyn, 452 Atlantic Avenue is a four-story, 6,000-square-foot multifamily building that offers investors a rare combination of stability and upside along one of Brooklyn’s most dynamic commercial corridors. The eight-unit property pairs five free-market apartments, several recently renovated, including a duplex with a large private backyard, with three rent-stabilized units that provide a dependable income floor. With approximately 1,125 square feet of additional air rights and contextual R6A zoning, 452 Atlantic Avenue delivers strong day-one cash flow while preserving meaningful versatility for the future. Fresh Renovations 452 Atlantic Avenue offers investors the chance to acquire a predominantly free-market, income-producing multifamily asset in the heart of brownstone Brooklyn, on the doorstep of Downtown Brooklyn and the Atlantic Terminal transit hub. The building’s eight units comprise a well-balanced mix of one studio, four two-bedrooms, and three one-bedrooms, anchored by five free-market apartments that generate roughly 80% of in-place rental income. Free-market rents average approximately $4,070 per month, led by a standout duplex two-bedroom with a large private backyard and convertible third bedroom. The three rent-stabilized one-bedrooms round out the rent roll with a stable, below-market income base and modest, predictable annual increases. Operating at a disciplined expense ratio of roughly 21% of effective gross income, 452 Atlantic Avenue delivers both dependable in-place cash flow and clear, achievable upside. The asset produces a 6.0% current cap rate, with pro forma projections, driven by the mark-to-market of in-place free-market units, reflecting a 7.0% cap rate and meaningful growth in net operating income. Several free-market leases were recently signed with lease-up concessions, leaving additional room for net effective rents to firm as the building stabilizes, while the rent-stabilized units anchor the cash flow through market cycles.

FOR SALE DETAILS

PRICE

$3,850,000 USD

PRICE/SF

$642 USD /SF

# OF UNITS

8

PRICE/UNIT

$481,250

CAP RATE

6%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1910

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.05 AC

LAND SF

2,178 SF

ZONING

R6A/C2-4

APN/PARCEL ID

00184-0024

ASK ABOUT THIS PROPERTY

Shaun RineyMarcus & MillichapMore Info
718-475-4382

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Shaun RineyMarcus & MillichapMore Info
718-475-4382

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