1285 Dean St. Brooklyn, NY 11216 Crown Heights, Brooklyn, NY

$5,500,000
Property type: Multi-Unit
Gross (Sq Ft)
11484
Units
8
Bedrooms
24
Bathrooms
10.5

Summary

  • Lot Size: 4289 Sq Ft
  • Year Built: 1906
  • Zoning: R6
  • Stories: 4
  • Units: 8
  • Unit Split: (5) 3BD + (3) 4BD
  • Block/Lot: 1208/74
  • Gross SF: 11,484
  • Number of Buildings: 1
  • Structure Type: Walkup
  • Real Estate Taxes: $13,500
  • Vacancy: 75%
  • Price per SqFt: $479

Description

Off-Market 8-Unit Fixer Upper in a great location of crown heights historic district, only minutes from Barclays Center, Brooklyn Museum, Brooklyn Botanic Garden and Prospect Park Zoo. Just steps from the Nostrand Ave LIRR station. The unit mix is (5) 3Beds + (3) 4Beds. Each unit has 1.5 bathrooms, a living room, a dining room, an eat-in-kitchen, and a family room that can be converted to a bedroom for value add. Basement is unfinished and has a separate entrance. There’s also a huge back yard. No structural issues. Roof is in good condition. Interior is good but has alot of “minor” wear and tear.  When renovated, you will command market rent of at least $3000/month for the 3-bed apartments and $3800/mo for the 4-bed apartments. If you convert the family rooms to bedrooms, then you should NET no less than $300,000 a year. ARV is $600/sqft based on active and sold comps within a half-mile radius (for example, 1156 Dean St, a much smaller 8-unit, is on the market for $885/sqft).

TERMS

6 UNITS ARE VACANT. BUYER MUST EVICT 2 NON-PAYING TENANTS. Tenants will not take cash to leave. They must be evicted by the buyer. This is non-negotiable. Must purchase AS-IS, ALL CASH and a quick close. No creative financing offers will be accepted. Straight sale. Title delivered free and clear.

PRICE

$5,500,000 (or highest offer)+ 2.5% commission gets the deal done

Seller will review offers this week and select the highest offer.

Kindly submit offers in writing ASAP with recent proof of funds to rowen@rowengiles.com

NOTE

This information has been secured from sources considered to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.

Contact the Agent

Rowen Giles

New York Licensed Real Estate Salesperson
Rowen Giles is a New York Licensed Real Estate Salesperson, in association with Gold Rock Realty, a New York Licensed Real Estate Broker. Rowen represents Buyers and Sellers of single and multi-family residential homes, as well as apartment buildings and mixed-used commercial properties anywhere in the State of New York. When it comes to the complexities of selling real estate, no one is more qualified than Rowen. Prior to real estate, Rowen was a computer systems engineer and technology manager for 18 years working for small and large fortune 500 companies, including stints at Microsoft Corporation and the Federal Reserve Bank of New York. Rowen’s career in technology saw many challenges such as sizing large technical infrastructure, solving complex technology problems, and deploying sophisticated software solutions. Rowen met each challenge with success as a result of careful planning, organizing, directing and managing. Rowen is a results-driven and highly organized professional with strong attention to details. Once a property is on the market,…