116 Palmetto St, Brooklyn, NY 11221

116 Palmetto Street represents a unique opportunity to acquire a massive 6,600 SF multifamily asset in the heart of Bushwick for 35% of replacement cost. Owner is open to converstaion for an all-cash close. This is not a "yield play"—this is a Basis Play. You are buying the building for the land value.

The physical asset is undeniable: an extra-wide 27.5' lot, "Tax Class 2A" protection, and Opportunity Zone designation. It is currently facing the challenge of eviction and an untapped opportunity to generate new income by setting a first rent on a unit that has not contributed to income. This is a textbook candidate for the BRRRR Strategy.

KEY ASSET HIGHLIGHTS

• LOW BASIS: At the cash ask price, you are paying significantly below construction cost. The intrinsic value of the shell alone exceeds the asking price.

• GRAND FOOTPRINT: Unlike standard 20-foot wide "railroad" buildings, this property sits on a 27.5' x 80' lot with 6,600 gross square feet. The extra width allows for premium 3-Bedroom layouts that command top-tier rents.

• PROTECTED TAX CLASS 2A: Assessment increases are capped by law (8%/year max), keeping your annual tax bill at a rock-bottom ~$10,611.

• QUALIFIED OPPORTUNITY ZONE (QOZ): Located in a federally designated QOZ. Hold this asset for 10 years and pay 0% Federal Capital Gains Tax on the appreciation.

• IMMEDIATE UPSIDE (Unit 2R): One large 810 SF unit delivered VACANT. Formerly owner-occupied status allows you to set a "First Rent" (Market Rate) at mid-$2Ks immediately.

Priced for Immediate Sale. Proof of Funds required to schedule access