Listed by Brown Harris Stevens
$1,500,000
2224 Fulton Street
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 2,400
Units 3
Occupancy 100%
Pro-Forma Cap Rate 4.45%
Pro-Forma NOI $66,773
Price per SqFt $625
Class B
Buildings 1
Stories 3
Lot Size (SqFt) 2,000
Zoning R6 (2.43)
Investment Type Value Add
Ownership Local
Multifamily | 3 Units | $500,000/unit
Marketing description
A 20’ wide 3-unit three-story building. The apartments are all two-bedroom floor-through units, with a full kitchen and bathroom along with a living/dining area. The property is individually metered for electric and gas. The first floor has access to the basement and back yard.
Investment highlights
The property is a prime investment opportunity, an investor can renovate the apartments and charge market rents for them. The units can have their own boilers and water heaters.
The building makes a great user opportunity, they can live on the first floor and rent out the second and third floors for income. They can also duplex the first floor with the basement to create a duplex garden apartment.
The property is prime development opportunity, a developer can renovate the units and rent them at full market value. The air rights can be used to extend the floors another 30’ at the rear, turning each apartment into a four bedroom unit. The top floor can also be developed into a duplex apartment.
Ocean Hill is under a lot of development with new buildings and retail stores being built. There is easy access to Downtown and Manhattan via Broadway Junction Station which has the A, C and L trains.
Listing Contacts
Listed by Brown Harris Stevens
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