1045 Sterling PlBrooklyn, NY 11213

Property Details for 1045 Sterling Pl

Property size (Sq ft)

17,420 SF

Property type

Apartment buildings

Description

This exceptional 17-unit apartment building in Crown Heights, Brooklyn presents a compelling investment opportunity. Located on Sterling Place, between Brooklyn and Kingston Avenues, this four-story walk-up building boasts 17,420 square feet on a 5,750 square foot lot, zoned R6. The property features a mix of ten three-bedroom and seven two-bedroom units, with three duplex units offering over 1000 square feet of backyard space. Nine units are modernized and operate on a free market basis. Recent capital improvements include a new boiler, a security camera system, an intercom system with key fob access, and a conversion from oil to gas heating. The building enjoys strong cash flow and occupancy, with potential for further growth. Its prime location offers convenient access to the 3, A, and C subway lines, the B43 bus, and a vibrant neighborhood with numerous restaurants, cafes, bars, shops, and parks, including Brower Park. The asking price is $4,700,000, representing a price per unit of $276,471 and a price per square foot of $270. The property exhibits a current cap rate of 5.74% and a pro-forma cap rate of 6.48%. This is a rare chance to acquire a well-maintained, high-performing multifamily asset in a rapidly appreciating Brooklyn neighborhood.

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.6725

Longitude

-73.944

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