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15199495
15199496

461 Milford St, Brooklyn, NY 11208

KV
109918089
Brown Harris Stevens
Listed by Brown Harris Stevens
$945,000
836 days on market
Updated 96 days ago
Opportunity zone

461 Milford Street

Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 1,728
Units 2
Occupancy 100%
Pro-Forma Cap Rate 6.22%
Pro-Forma NOI $58,737
Price per SqFt $547
Class A
Year Built 1920
Year Renovated 2020
Buildings 1
Stories 2
Lot Size (SqFt) 2,200
Zoning R5
Investment Type Value Add
Ownership LOCAL

Multifamily | 2 Units | $472,500/unit

Marketing description

An 18’ wide 2-unit two-story building. The property has a three-bedroom garden apartment on the first floor. To the front is a wide bedroom, the living room/dining area is to the middle of the unit. There is a bedroom to the right side and a full bathroom to the left side. The back has a master bedroom which has access to the deck and backyard.

The second floor is also a three-bedroom apartment. To the front is a wide bedroom, the living room/dining area is to the middle of the unit. There is a bedroom to the right side and a full bathroom to the left side. The back has a master bedroom, which has a view of the back yard.

There is a full basement which is open and column free. There is access to it from inside the first floor apartment and back of the building. The space has side windows and a full bathroom along with a utility room which has the two gas boilers and two water heaters. The basement has 7’ ceilings and can be duplexed with the basement.

The units have been completely renovated with nice wood floors, nicely tiled kitchen and bathrooms. The hallways and stairs is beautiful and in great condition.

The property is a prime user opportunity. A user can occupy the first floor, which would give them personal access to the basement and backyard. The can convert the basement into a home office or a gym. They can also add small kitchenette to the basement and a laundry area.

The building is also a prime investment opportunity, since each apartment has it’s own boiler and water heater, the tenants can pay their own heating. The property has one electric meter, the investor can add value by giving each unit it’s own electric meter.

There is easy access to the property via the A train to Euclid Avenue. The 2, 3, and 4 trains is on New Lots Avenue. These trains are within walking distance to the property and give easy access to Manhattan.

Investment highlights

Income:

Unit Description Unit Type Rev Projected

First Floor: 1 3 Bd Apt Free Market $850 $3,300 In court

Second Floor: 2 3 Bd Apt Free Market $2,500 $3,000

Projected Monthly Income: $3,350 $6,300

Projected Annual Income: $40,200 $75,600

Expenses:

Real Estate Taxes:

$4,502.08

Water & Sewer:

$1,800.00

Insurance:

$2,300.00

Heat (Gas):

$3,000.00

Electric: (common areas)

$2,760.00

Repairs & Maintenance:

Total Annual Expenses

$2,500.00

$16,862.08

Net Operating Income: $58,737.92 CAP RATE: 6.3%

Listing Contacts

KV
109918089
Brown Harris Stevens
Listed by Brown Harris Stevens

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