520 Parkside Ave - Apartments FOR SALE


Brooklyn, NY 11226- Prospect Lefferts Gardens
$25,995,000 USD
716-604-5763
520 Parkside Ave, Brooklyn, NY for Sale
$25,995,000 USD
Apartments - FOR SALE
1/28
null | 6.94% Cap Rate

520 Parkside Ave
Brooklyn, NY 11226
Prospect Lefferts Gardens


HIGHLIGHTS

  • 2 Elevator Buildings: Parkside (22 Units) | Clarkson (28 Units) | 20 Parking Spaces
  • 50 Luxury Apartments
  • Amenities: In-Unit W/D, Bike Room, Game Room, Roof Top Terrace, State-of-the-Art Gym, Pet Spa, Lounge, High Speed Internet, Meeting Rooms, Etc.
  • 56,650 Gross Square Feet
  • 2 Blocks to Prospect Park
  • Full Due Diligence Material Upon Request

OVERVIEW

Matthew Peters & Jack Sullivan with The Peters Team at Marcus & Millichap are pleased to present the Exclusive Listing for 2, newly constructed multifamily buildings (2019) located at 520 Parkside Avenue & 111 Clarkson Avenue in the Prospect Lefferts-Gardens section of Brooklyn, NY. Property Details: 2 Buildings: Parkside (22 Units) | Clarkson (28 Units) | 20 Parking Spaces Amenities: In-Unit W/D, Bike Room, Game Room, Roof Top Terrace, State-of-the-Art Gym, Virtual Doorman, Pet Spa, Lounge, High Speed Internet, Meeting Rooms, Rooftop Grill, Party Space, Skyline Views etc.  The DEAL: This is a unique opportunity to own two stunning newly constructed (2019) elevator buildings, back-to-back. Parkside (7-Stories) & Clarkson, (8-stories) high with a blend of fireproof steel and brick, located in the sought-after Prospect Lefferts-Gardens neighborhood of Brooklyn, NY. Each unit offers spacious layouts, ranging from studios to three bedrooms, each offering private terraces and high-end finishes, Bosch appliances and in-unit washer and dryer, providing ample living space for tenants. This will keep turnovers low and cashflow high. In addition to the amenities, there are 20 onsite gated parking spaces available for tenants. The property is currently benefitting from a 15-year, 421A Tax Abatement, which ends in 2034. The abatement allows investors to benefit from rent growth while being protected from large increases in expenses. Opportunity for Future Conversion to Condo’s within Prospect Lefferts-Gardens Thriving Condo Market and proximity to Prospect Park & multiple lines of transportation. Condos are currently selling out over $1,100 Per Square Foot in amenity buildings w/ private outdoor space. Location: Nestled on Parkside Ave, this building is surrounded by a vibrant community, offering easy access to Local Shops, Restaurants, Parks, Schools, Hospitals and Recreational Activities. The building's central location provides convenient access to transportation, making commuting a breeze. 2 Blocks to Prospect Park.

FOR SALE DETAILS

PRICE

$25,995,000 USD

PRICE/SF

$1,207 USD /SF

# OF UNITS

50

PRICE/UNIT

$519,900

CAP RATE

6.94%

% LEASED

73%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Lawrence

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Hi-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

7

YEAR BUILT

2018

PARKING SPACES

20

LAND DETAILS

LAND ACRES

0.15 AC

LAND SF

6,480 SF

ZONING

R6

APN/PARCEL ID

05056-0012

ASK ABOUT THIS PROPERTY

Matthew PetersMarcus & MillichapMore Info
716-604-5763

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Matthew PetersMarcus & MillichapMore Info
716-604-5763

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