Listed by Brown Harris Stevens
$2,000,000
274 Gates Avenu
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 3,240
Units 8
Cap Rate 6.34%
NOI $126,761
Occupancy 100%
Price per SqFt $617
Class B
Year Built 1950
Year Renovated 7
Buildings 1
Stories 4
Lot Size (SqFt) 2,160
Zoning R6B
Investment Type Stabilized
Ownership LOCAL
Multifamily | 8 Units | $250,000/unit
Marketing description
A 18’ wide eight-unit, four story brownstone apartment building. The property has two studio apartments per floor, except for the fourth floor which has a one-bedroom apartment to the back, and a studio at the front.
The apartments are big and spacious with a living/eating area, a full kitchen and bathroom. Nice wood floors, the units get great sunlight.
The apartments have 10’ ceilings, they are individually metered for gas and electric. The meters, gas boiler and water heater are in the basement.
Investment highlights
The units are rent stabilized with stable cash flow. The property is located on beautiful residential block with mostly brownstone townhouses and single family homes. Located in prime Bedford Stuyvesant, which has fine retail stores, restaurants and is under lots of development. The A, C and G trains are each five blocks away.
The property is a prime investment opportunity because the units have stable income. Long term wise, if the tenants leave or are bought out the units can be converted into floor-through apartments.
The property would now be a four unit building, which would take it out of rent stabilization.
The property is also a great user opportunity, a user can occupy one of the units and leave the other apartments as rental income.
Listing Contacts
Listed by Brown Harris Stevens
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$126,761.00
$10,563.42/mo
Valuation Metrics
0
DSCR
6.34%
Cap Rate
6.34%
ROI
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