475 E Eighth St - Apartments FOR SALE


Brooklyn, NY 11218- Kensington
$8,000,000 USD
516-650-8549
475 E Eighth St, Brooklyn, NY for Sale
$8,000,000 USD
Apartments - FOR SALE
1/3
null | 4.5% Cap Rate

475 E Eighth St
Brooklyn, NY 11218
Kensington


OVERVIEW

Introducing 475 E 8th St an incredible investment opportunity for the right buyer. 475 E 8th is a huge 17,318sqFt twelve family + 1 commercial built in 2007 & fully renovated in 2018. All units feature white oak floors, large kitchens with stainless steel appliances with ceaserstone countertops and cherry cabinetry. Marble bathrooms with Kohler fixtures and deep soaking tubs. Just a few short blocks to the best Ditmas Park has to offer. 475 E 8th also has a new elevator & top of the line turn key equipment through out the building! 475 E 8th is 35×50 on a 40×100 lot. There are 10 two bedroom apartments and 2 one bedroom apartments plus one 500sqFt commercial unit in the bldg. Additionally the building has six parking spots beneath the complex with 12 paid storage lockers for all tenants. The current rent roll is 396,000 monthly + 1,860 monthly for the parking & storage. There is a 15 year tax abatement on the property currently & expenses are very low. The current NOI is 335,000 with a projected 2023 NOI of 358,000.

FOR SALE DETAILS

PRICE

$8,000,000 USD

PRICE/SF

$462 USD /SF

# OF UNITS

12

PRICE/UNIT

$666,667

CAP RATE

4.5%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

7

YEAR BUILT

2007

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.09 AC

LAND SF

3,920 SF

ZONING

R7B

APN/PARCEL ID

05392-0085

ASK ABOUT THIS PROPERTY

Nate SmithOxford Property GroupMore Info
516-650-8549

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Nate SmithOxford Property GroupMore Info
516-650-8549

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