16-Unit Apartment Building Bed Stuy, Brooklyn, NY

$2,884,000
For Sale
Property type: Large Multifamily
Gross Sqft (Sq Ft)
8,320
Units
16

Details

  • Lot Size: 2,600 Sq Ft
  • Year Built: 1910
  • Block/Lot: Call for details
  • Zoning: R6B
  • Lot Dimensions: 26' x 100'
  • Lot Size: 2,600 Sqft
  • Building Dimensions: 26' x 80'
  • Gross Sqft: 8,320 Sqft
  • Stories: 4
  • Residential Units: 16
  • Residential Sqft: 8,320
  • Residential FAR: 2.00
  • FAR as built: 3.20
  • # of Buildings: 1
  • Building Class: C1
  • Construction: Masonry
  • Tax Class: 2
  • Taxes (18/19): $30,713
  • Year Built: $30,713
  • Broker Fee: 3%

Financial details

  • Gross Operating Income: $237,736
  • Total Operating Expenses: $80,240
  • NOI: $157,496
  • Unlevered Equity Multiple: 1.76X
  • Levered IRR: 13.53%
  • Levered Equity Multiple: 3.03X
  • Avg Cap Rate: 5.58%
  • Avg Cash-on-Cash: 6.92%
  • Min DSCR: 1.37X
  • Min Debt Yield: 7.10%

Description

Price includes a 3% broker fee paid by buyer


A 26’ wide 16 unit 4-story apartment building. The property has four units per floor, they are located to the front and back of the building. The apartments are a mixture of studios and one-bedroom units. Seven of the units are free market and nine are rent stabilized. All the apartments are individually metered for gas and electric. The basement has a unit, which is unfinished. The closest train station is on Fulton Street and Utica Avenue, which makes access to Manhattan within 15 to 20 minutes. The property is on a nice residential tree line block that is close to retail stores and community parks. There is 18.9% upside in the free market rents since they are averaging under $1,300 per apartment. All these factors makes the property a prime investment opportunity.


For financing, contact:

Keith Dunne
Canyon Mortgage Corp
keith@canyonmtgcorp.com
516-662-9377
NMLS#: 1265985

Contact the Agent

Rowen Giles

New York Licensed Real Estate Salesperson
Rowen is a New York Licensed Real Estate Salesperson in association with D. White, a licensed broker. Hire Rowen as your real estate agent to represent you in the purchase or sale of residential and commercial real estate. Locations include Brooklyn, Bronx, Queens, Long Island, Staten Island, and upstate NY.