528 5th Street is a classic Park Slope double-barrel eight-unit multifamily building located on one of the most coveted residential blocks in all of Brooklyn. Spanning approximately 7,104 square feet, the property sits squarely in the heart of prime Park Slope, just moments from Prospect Park, 5th and 7th Avenue retail corridors, and multiple subway lines. After taxes and expenses, the property generates approximately $207,000 of net income offering immediate cashflow while also presenting significant upside. 5 of the 8 apartments are free-market with room to push rents as-is or even further with minor cosmetic upgrades. The building has been immaculately maintained and presents in excellent condition. The offering price reflects an extremely attractive $535 per square foot in an area condos sell at over $2,000/sf. The combination of a predominantly free-market rent roll, significant upside, premier Park Slope location, and exceptional physical condition positions 528 5th Street as a rare opportunity to acquire a blue-chip multifamily asset in one of Brooklyn’s most established neighborhoods. Broker’s Note on Destabilization and paperwork 3 RS Units – each below $1,000/mo. 5 FM Units - The owners bought the building in 2018. They destabilized one unit and we very have significant paperwork on that. The other four were destabilized in 2009 and 2011 with previous owner. While we cannot produce that documentation, we have extensive leases from the last 8 years of ownership which should be more than enough to uphold the rents through the lookback period and there is no major rent increase that cannot be explained. • 1L – Destabilized in 2009. Legal rents leading up to destabilization show no major increase. The only jumps in rent can be explained by vacancy/new tenant • 2R – Destabilized in 2011. Legal rents in the decade leading up to destabilization show no major increase that can’t be explained by vacancy • 3L – Destabilized in 2009. Legal rents in the decade leading up to destabilization show no major increase that can’t be explained by vacancy • 3R – Destabilized in April 2019 with a lot of paperwork to confirm – Invoices, receipts, permits. Very solid • 4L – Destabilized in 2011- one large rent jump from $1,057 to $1,500 upon vacancy of unit that had been occupied continuously by same tenant since at least 1984.