93-95 India St - Apartments FOR SALE


Brooklyn, NY 11222- Greenpoint
$6,700,000 USD
718-360-8801
93-95 India St, Brooklyn, NY for Sale
$6,700,000 USD
Apartments - FOR SALE
1/15
null | 6.03% Cap Rate

93-95 India St
Brooklyn, NY 11222
Greenpoint


HIGHLIGHTS

  • Greenpoint 20-Unit | 85% Free Market Revenue | Recently Renovated with Remaining Upside
  • Located in the heart of Greenpoint, between Franklin Street and Manhattan Avenue the property is built 50 ft x 88 ft on a 50 ft x 100 ft lot
  • The building has undergone significant capital improvements, with common areas and 12 of the 20 apartments fully gut renovate
  • These units are achieving free market rents, bringing the property to 60% free market by unit count and 85% free market by revenue
  • Given the supply-constrained nature of the New York City rental market and continued demand in the area, there is a clear path for further rent growth
  • Several units feature unique layouts and amenities

OVERVIEW

Investment Property Realty Group (IPRG) has been exclusively retained to arrange the sale of 93–95 India Street, a 20-unit apartment building located in the heart of Greenpoint, between Franklin Street and Manhattan Avenue. The property is built 50 ft. x 88 ft. on a 50 ft. x 100 ft. lot. The building has undergone significant capital improvements, with common areas and 12 of the 20 apartments fully gut renovated. These units are achieving free market rents, bringing the property to 60% free market by unit count and 85% free market by revenue. Given the supply-constrained nature of the New York City rental market and continued demand in the area, there is a clear path for further rent growth. . Several units feature unique layouts and amenities, including two ground-floor duplex apartments, one ground-floor unit with exclusive access to the backyard via a private internal door and deck, and three top-floor units with internal stair bulkheads leading to private, fenced roof decks. The asset benefits from a predictable expense profile, with real estate taxes fully allocated at approximately 29% of gross revenue. As Greenpoint continues to establish itself as one of Brooklyn’s premier residential neighborhoods, 93–95 India Street presents an opportunity to acquire a well-capitalized, largely repositioned mid-sized apartment building with in-place cash flow and remaining upside in a strong rental market.

FOR SALE DETAILS

PRICE

$6,700,000 USD

PRICE/SF

$381 USD /SF

# OF UNITS

20

PRICE/UNIT

$335,000

CAP RATE

6.03%

% LEASED

95%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1926

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.12 AC

LAND SF

5,227 SF

ZONING

R6 Brooklyn(C1)

APN/PARCEL ID

02532-0066

ASK ABOUT THIS PROPERTY

Derek BestreichInvestment Property Realty GroupMore Info
718-360-8801

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Derek BestreichInvestment Property Realty GroupMore Info
718-360-8801

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