Avenue J
Brick Brooklyn 24 unit building with 6.9% cap FOR SALE
Marketing description
Perfect—here’s a clean, investor-focused description for that Canarsie property:
CAP 6.9%….Turn-Key 24-Unit Investment Property in Canarsie, Brooklyn
An outstanding opportunity in the heart of Canarsie, Brooklyn—this well-maintained 24-unit brick building features all 2-bedroom, 2-bath apartments, ideal for steady rental demand. Tenants pay all utilities except water, with all-electric systems, eliminating the need for gas, boiler maintenance, or a compactor room. FAR has increased from 1.2 to 2.0. Can increase top level up to 8ksqft.
The building includes:
Legal super’s unit
Accessory office in the basement with half bath
Additional storage rooms
No elevator = lower maintenance
421A Tax Abatement in place
Low operating expenses
With a NOI of $730,252 and a Net Cap Rate of 6.9%, this is an excellent choice for long-term investors or a 1031 exchange. Stable income, minimal overhead, and efficient building systems make this a true turnkey asset in one of Brooklyn’s steadily growing neighborhoods.
Investment highlights
Very low common area maintenance costs. Can convert lower level to additional commercial space for rent up to 5000 sqft. Parking and storage units can increase Net profit. Extremely Easy to manage. Desirable location near transportation and shopping.
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