236 28Th StBrooklyn, NY 11226

Property Details for 236 28Th St

Year built

1926

Lot size

0.12 AC

Property size (Sq ft)

19,440 SF

Zone code

R6

Property type

Apartment buildings

APN

05171-0027

APU

51710027

Description

This exceptional 22-unit apartment building, located at 236 East 28th Street in Brooklyn, NY 11226, presents a compelling investment opportunity. The property, built in 1927 and situated on a 5,410 square foot lot, boasts a total of 19,440 net rentable square feet across four stories. Currently operating at 95% occupancy (as of November 1, 2024), the building generates a substantial Net Operating Income (NOI) of $210,788, resulting in a 6.11% cap rate. The property is classified as Class C and zoned R6. Comprising primarily one-bedroom units with four two-bedroom units, each apartment features ample closet space and restored hardwood floors. The building is well-maintained, with no reported repairs needed and no outstanding violations. Its prime location in Flatbush offers easy access to public transportation, including the #2 and #5 express trains, providing a quick commute to Manhattan. Nearby amenities include the Kings Theatre, Brooklyn Museum, Prospect Park, and the Brooklyn Botanic Garden. The asking price is $3,450,000, translating to $156,000 per unit. This stabilized multifamily investment offers significant potential for long-term growth, particularly given the opportunity to increase rents in many units. The building's consistent performance during past economic downturns underscores its resilience and dependable income stream. Ownership is held by 236 East 28th St. Realty Corp. This is a sale by owner opportunity.

Location Insight

City

Brooklyn

County

Kings

State

New York

Latitude

40.6441

Longitude

-73.951

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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