289A Monroe St Brooklyn, NY 11216

This 3-story, 6-unit apartment building at 289A Monroe Street in Brooklyn, NY (11216), presents a compelling value-add investment opportunity. Built in 1931, the property boasts 3,900 square feet on a 2,000 square foot lot, zoned R6B. Currently, it features six 2-bedroom, 1-bathroom apartments with an 83% occupancy rate, generating a current NOI of $96,404 and a 6.43% cap rate. The pro-forma NOI is projected at $124,521, resulting in an 8.30% pro-forma cap rate. The asking price is $1,500,000, or $250,000 per unit and $384.62 per square foot. Conveniently located between Marcy and Tompkins Avenues, this property offers easy access to the A & C subway lines. The building dimensions are approximately 20 ft x 65 ft. This presents a strong potential for increased revenue and return on investment. The property's location in the vibrant Bedford-Stuyvesant neighborhood adds to its appeal. Serious investors are encouraged to explore this promising opportunity.