Vacant 4-Family East New York, Brooklyn, NY

$1,339,000
For Sale
Property type: 4-Family
Gross Sqft (Sq Ft)
3,600
Units
4
Bedrooms
9

Details

  • Lot Size: 1,800 Sq Ft
  • Zoning: R5
  • Lot Dimensions: 20' x 90'
  • Lot Area: 1800 Sqft
  • Building Dimensions: 20' x 60'
  • Gross Sqft: 3,600 Sqft
  • Stories: 3
  • Residential Units: 4
  • Residential FAR: 1.25
  • Facility FAR: 2.00
  • FAR as built: 2.00
  • Building Class: C2
  • Construction: Stone
  • Year Built: 1930
  • Tax Class: 2A
  • Taxes (20/21): $4,667

Financial details

  • Scheduled Gross Income: $98,940
  • Scheduled Total Expenses: $14,979
  • Scheduled NOI: $83,961
  • Cap Rate: 6.27%
  • Unlevered IRR: 8.09%
  • Levered IRR: 16.10%
  • Unlevered EMx: 1.90X
  • Levered EMx: 3.47X
  • Average Cap Rate: 6.31%
  • Average Cash-on-Cash: 9.12%
  • Min DSCR: 1.60X
  • Min DY: 8.53%

Highlights

  • ✅ 6.2 cap based on proforma
  • ✅ 80% Renovated
  • ✅ 3 Blocks to Subway
  • ✅ Legal 4-Family

Description

Located near the intersection of Sutter Ave and Essex St, and a quick 3-minute walk to the C train on Pitkin Ave. This is a vacant legal 4-unit, three story building in need of renovation. The renovation is 80% complete and major work has already been done. It only needs cosmetics like putting down floors and painting the walls. The building has a new boiler and water heater, and all of the electric and plumbing is new.

The first floor is a three-bedroom floor-through apartment with a full kitchen, full bathroom, living room and dining area. The second floor is a four-bedroom, floor-through apartment with a full kitchen, full bathroom, living room and dining area. The third floor has 2 one-bedroom apartments. They are located at the front and rear of the property.

This deal is a great investment opportunity since the property is almost complete and an investor does not need much money and time to finish the renovation. The apartments can be rented within a few weeks after the closing. New ownership can maximize the rent for the first floor by converting it to a store or office, which is allowed by the C2-3 overlay zoning.

Fine restaurants and retail stores are nearby on Sutter and Pitkin Avenues.


Price includes a 3% broker fee paid by buyer.

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.