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$ 1,849,999
Est. payment /mo
Price Dropped by $100K
281 23rd ST Brooklyn, NY 11215
12 Baths
8,493 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 8,493 sqft
Price per Sqft $217
MLS Listing ID 499360
Full Baths 8
Half Baths 8
Year Built 1931
Annual Tax Amount $64,651
Property Sub-Type Multi-Family
Property Description
Turnkey multifamily investment - 281 23rd Street is a beautifully-maintained masonry pre-war building spanning approximately 8,492 square feet above-grade. The building hosts 12 apartments, eight of which are configured as 2 BR, while the remaining four are 1 BR. The building is being offered for sale for the first time in almost 40 years. Current ownership has taken long-term care of the property, offering new ownership a turn-key cash flowing asset. Core asset with stable cash flow and future upside - All apartments are rent-stabilized and leased. The asset currently generates over $270,000 gross annually. Average AGI/NSF is $34.61, equating to an average monthly rent of $1837 per apartment, this is approximately 75% of market rents of comparable rentals in area. This allows future investors to take advantage of immediate rental income on day one with virtually no work, while retaining substantial long-term upside as units are brought to market rate over time. Ideal location with multiple amenities - R subway station at the 25th Street station & the Prospect Avenue station (D, N, R, W trains). There are several markets, banks and convenience stores along with dozens of cafes and restaurants in the immediate area along 5th Avenue retail corridor. The location provides straight forward commutes to Manhattan and Brooklyn via these lines. Ideally positioned for quick access to the major highway interchange of I-278 (Gowanus Expressway) and NY-27 (Prospect Expressway).
Location
State NY
County Kings (brooklyn)
Area Greenwood Heights
Zoning R6B
Rooms
Basement Cellar, Semi-Finished, Separate Entrance
Interior
Hot Water Gas
Heating Gas
Flooring Carpeting, Ceramic, Hardwood, Linoleum
Heat Source Gas
Exterior
Exterior Feature Brick
Amenities Available Storage rooms
Roof Type Asphalt/Tar,Flat
Handicap Access Unknown
Building
Story 4
Foundation Poured Concrete
Others
Energy Description Gas
Financing 1031 Exchange,Bank Mortgage,Cash
Listed by Revived Residential
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Christina Girgenti
Broker Associate