For Sale
$1,520,000

1371 Greene Ave Brooklyn, NY 11237

Prime Bushwick location, 6-unit building, strong income.

Overview

Added:
Dec 11, 2024
Days on market:
133
This exceptional investment opportunity presents a three-story, six-unit apartment building located at 1371 Greene Avenue in Brooklyn, New York, 11237. Built in 1910 and renovated in 2018, this property boasts 4,275 square feet of space, including a full basement. The building sits on a desirable 25' x 82.23' lot, offering a sizable 630 square foot rear garden. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $78,537, representing a 5.20% cap rate. Pro-forma NOI is projected at $91,337, indicating a 6.40% pro-forma cap rate. Each of the six units is priced at $253,333.33, with the entire building listed at $1,520,000. The property benefits from its prime location in Bushwick, steps from the L and M subway lines and Maria Hernandez Park. Low taxes and a buildable floor area ratio (FAR) further enhance its investment potential. This well-maintained building offers a solid return on investment with upside potential through market rent adjustments. The property is free and clear of any ground lease.

Highlights

  • Prime Bushwick 6-unit multifamily building, steps from L & M trains and Maria Hernandez Park.
  • 25' x 82.23' lot, 4,275 sq ft building with full basement.
  • Excellent condition, six income-producing units, sizable rear garden (630 sq ft).
  • Low taxes, high buildable FAR, strong rent roll, significant upside potential with two below-market units.

Property Details for 1371 Greene Ave

Property type
Apartment buildings
Square Feet
4,275 SF
Year Built/Renovated
1910/2018
Buildings
1
Stories
3
Units
6

Location Insight

City
Brooklyn
County
Kings
State
New York
Latitude
40.7004342
Longitude
-73.9174547

FAQs

What type of property is this?
Apartment building - Prime Bushwick location, 6-unit building, strong income.
Where is the apartment building located?
The property is located at 1371 Greene Ave Brooklyn, NY.
What is the asking price?
The asking price for this property is $1,520,000.
What are key features of this property?
This property features: Prime Bushwick 6-unit multifamily building, steps from L & M trains and Maria Hernandez Park.; 25' x 82.23' lot, 4,275 sq ft building with full basement.; Excellent condition, six income-producing units, sizable rear garden (630 sq ft).
How can I contact the broker?
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1371 Greene Ave
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