1115 Union St. Brooklyn, NY 11225
Property type: Multi-Unit
Gross (Sq Ft)
Lot Size: 5900 Sq Ft
Year Built: 1925
# of Buildings: 1
# of Stories: 4
Residential Units: 24
Gross SqFt: 19,300 sqft
Structure Type: Walkup
Block & Lot: 1266/47
Year Built: 1925
Lot Size: 100 x 59
Building Size: 100 x 48
FAR as Built: 3.27
Renovated with High-End Finishes
1115 Union Street is a 4-story prewar walk-up apartment building comprised of 24 units located in the Crown Heights section of Brooklyn. This asset is ideally situated on a tree-lined block between Franklin and Bedford Avenues, surrounded by mid-rise multifamily buildings and semi-detached 2-family homes. The property was constructed in 1925 and totals 19,300 sf.
13 of the units are rent stabilized and 11 are free market.
The apartments are configured as one studio, fourteen (1)-bedroom units, seven (2)-bedroom units and two (3)-bedroom units. Many of the units have been renovated and completed with high-end finishes including stainless steel appliances, granite counter tops, in-unit washer and dryer and hardwood floors.
The building is located in a prime location in Brooklyn just two blocks away from Prospect Park, a short walk away from the Brooklyn Museum and half a block away from the Eastern Parkway thoroughfare.
This asset provides a great opportunity for a future investor to acquire a well maintained stable acquisition in a prime area while also providing for tremendous short and long term upside due to the below market rents. The average in-place rent is $1,869 per month which is approximately 34% below market rate. Based upon current market place conditions there is the potential to grow the in-place free market rents by approximately 8%.
A future investor can also increase the value of the asset by adding bike storage and a gym in the basement. Additionally, the future value of this investment will be increased by its proximity to mass transit, the 2, 3, 4 & 5 subway lines are two blocks away, as well as countless neighborhood amenities including Prospect Park, the Brooklyn Museum, Botanical Garden and Prospect Zoo. Additionally, developers continue to be attracted to the area, LIVWRK & CIM, Happy Living and BFC Partners are all working on new, large scale projects in the neighborhood.
Rowen is a New York Licensed Real Estate Salesperson in association with Gold Rock Realty, a licensed real estate broker. Hire Rowen as your real estate agent to represent you in the purchase, sale or lease of real estate, including residential and commercial property. Locations include Brooklyn, Bronx, Queens, Long Island, Staten Island, and upstate NY.