Listed by Ariel Property Advisors
$2,000,000
Skipp Portfolio
Details
Property Type Multifamily
Sub Type Single Family Rental Portfolio, Apartment Building
Units 216
NOI $856,518
Buildings 13
Stories 40
Lot Size (SqFt) 71,260
Zoning R6A / C2-4 ; R6A / R6B / C2-4 ; R7A / C2-4 ; R6 ; R6A / C2-4
Multifamily | 216 Units
Marketing description
For Sale
Investment highlights
- 13 Properties, 216-unit portfolio spanning 231,309 SF across Bedford-Stuyvesant & Crown Heights Brooklyn
- 420C Tax Exemption expiring in 2047
- Approximately $23.5M in accretive assumable debt
- 62% of existing capital stack consists of either accruing interest or non-paying debt.
- HPD Regulatory Agreement expiring in 2047. AMI Bands Ranging from 40% - 95%
- Recently obtained PHFL Section 610 Amendment allows for significant revenue growth
- 4 Vernon Avenue
- Block / Lot: 1758 / 5
- Lot Dimensions: 55' x 100'
- Lot Sq. Ft.: 5,500
- Building Dimensions: 55' x 89.93'
- Number of Buildings: 1
- Stories: 5
- Residential units: 17
- Commercial Units: 2
- Total Units: 19
- Building Sq. Ft.: 24,700
- Zoning: R6A / C2-4
- FAR: 3.00
- Buildable Sq. Ft.: 16,500
- Air Rights Sq. Ft.: None
- Tax Class: 2
- Assessment (24/25): $330,930
- Exemption Amount: ($288,075)
- Real Estate Taxes (24/25): $5,358
- 8 Vernon Avenue
- Block / Lot: 1758 / 9
- Lot Dimensions: 50' x 100'
- Lot Sq. Ft.: 5,000
- Building Dimensions: 50' x 87.67'
- Number of Buildings: 1
- Stories: 5
- Residential units: 16
- Commercial Units: 0
- Total Units: 16
- Building Sq. Ft.: 17,533
- Zoning: R6A / R6B / C2-4
- FAR: 3.00
- Buildable Sq. Ft.: 15,000
- Air Rights Sq. Ft.: None
- Tax Class: 2
- Assessment (24/25): $310,950
- Exemption Amount: ($310,950)
- Real Estate Taxes (24/25): $0
- 12 Vernon Avenue
- Block / Lot: 1758 / 12
- Lot Dimensions: 50' x 100'
- Lot Sq. Ft.: 5,000
- Building Dimensions: 50' x 87.67'
- Number of Buildings: 1
- Stories: 5
- Residential units: 16
- Commercial Units: 0
- Total Units: 16
- Building Sq. Ft.: 17,533
- Zoning: R6B
- FAR: 2.00
- Buildable Sq. Ft.: 10,000
- Air Rights Sq. Ft.: None
- Tax Class: 2
- Assessment (24/25): $314,640
- Exemption Amount: ($314,640)
- Real Estate Taxes (24/25) : $0
- 16 Vernon Avenue
- Block / Lot: 1758 / 14
- Lot Dimensions: 50' x 100'
- Lot Sq. Ft.: 5,000
- Building Dimensions: 50' x 87.67'
- Number of Buildings: 1
- Stories: 5
- Residential units: 16
- Commercial Units: 0
- Total Units: 16
- Building Sq. Ft.: 17,533
- Zoning: R6B
- FAR: 2.00
- Buildable Sq. Ft.: 10,000
- Air Rights Sq. Ft.: None
- Tax Class: 2
- Assessment (24/25): $315,630
- Exemption Amount: ($315,630)
- Real Estate Taxes (24/25): $0
- 477 Gates Avenue & 784 Marcy Avenue
- Block / Lot: 1808 / 51
- Lot Dimensions: 100' x 125'
- Lot Sq. Ft.: 12,500
- Building Dimensions: 122' x 88'
- Number of Buildings: 2
- Stories: 4
- Residential units: 36
- Commercial Units: 2
- Total Units: 38
- Building Sq. Ft.: 22,880
- Zoning: R7A / C2-4
- FAR: 4.00
- Buildable Sq. Ft.: 50,000
- Air Rights Sq. Ft.: 27,120
- Tax Class: 2
- Assessment (24/25): $792,900
- Exemption Amount: ($654,935)
- Real Estate Taxes (24/25) : $17,248
- 25 Patchen Avenue
- Block / Lot: 1618 / 3
- Lot Dimensions: 100' x 125'
- Lot Sq. Ft.: 12,500
- Building Dimensions: 125' x 75'
- Number of Buildings: 1
- Stories: 4
- Residential units: 32
- Commercial Units: 0
- Total Units: 32
- Building Sq. Ft.: 37,500
- Zoning: R6
- FAR: 3.00
- Buildable Sq. Ft.: 37,500
- Air Rights Sq. Ft.: None
- Tax Class: 2
- Assessment (24/25): $592,020
- Exemption Amount: ($592,020)
- Real Estate Taxes (24/25): $0
- 1491 Lincoln Place
- Block / Lot: 1386 / 68
- Lot Dimensions: 50' x 120.25'
- Lot Sq. Ft.: 6,013
- Building Dimensions: 50' x 102'
- Number of Buildings: 1
- Stories: 4
- Residential units: 16
- Commercial Units: 0
- Total Units: 16
- Building Sq. Ft.: 20,400
- Zoning: R6B
- FAR: 2.00
- Buildable Sq. Ft.: 12,026
- Air Rights Sq. Ft.: None
- Tax Class: 2
- Assessment (24/25): $282,240
- Exemption Amount: ($282,240)
- Real Estate Taxes (24/25): $0
- 268 Buffalo Avenue
- Block / Lot: 1386 / 48
- Lot Dimensions: 80.58' x 114'
- Lot Sq. Ft.: 9,187
- Building Dimensions: 80.58' x 104'
- Number of Buildings: 1
- Stories: 4
- Residential units: 32
- Commercial Units: 0
- Total Units: 32
- Building Sq. Ft.: 33,280
- Zoning: R6B
- FAR: 2.00
- Buildable Sq. Ft.: 18,374
- Air Rights Sq. Ft.: None
- Tax Class: 2
- Assessment (24/25): $440,100
- Exemption Amount: ($440,100)
- Real Estate Taxes (24/25): $0
- 1430-1440 Bedford Avenue
- Block / Lot: 1231 / 47
- Lot Dimensions: 117.5' x 100'
- Lot Sq. Ft.: 10,560
- Building Dimensions: 117.5' x 85'
- Number of Buildings: 4
- Stories: 4
- Residential units: 31
- Commercial Units: 0
- Total Units: 31
- Building Sq. Ft.: 39,950
- Zoning: R6A / C2-4
- FAR: 3.00
- Buildable Sq. Ft.: 31,680
- Air Rights Sq. Ft.: None
- Tax Class: 2
- Assessment (24/25): $752,220
- Exemption Amount: ($752,220)
- Real Estate Taxes (24/25): $0
- 20.54% / Year 1 Cash on Cash Return
Listing Contacts
Listed by Ariel Property Advisors
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$856,518.00
$71,376.50/mo
Valuation Metrics
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DSCR
42.83%
Cap Rate
42.83%
ROI
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