281 23rd Street, Brooklyn
Multifamily - 9% Pro Forma CAP
Marketing description
281 23rd Street is a beautifully-maintained masonry pre-war building spanning approximately 8,493 square feet above-grade. The building hosts 12 apartments, 9 of which are configured as 2 BR, while the remaining 3 are 1 BR.
The building is being offered for sale for the first time in almost 40 years. Current ownership has taken long-term care of the property, offering new ownership a turn-key cash flowing asset.
All apartments are rent-stabilized and leased. The asset currently generates over $270,000 gross annually. Upon turnover, a new owner may increase rents to their legal limits which will increase annual GR
to approximately $315,000.
The building currently averages $34.61 AGI/NSF, equating to an average monthly rent of $1,837 per apartment, equating to 75% of market rent. Upon turnover, a new owner can achieve over $41 AGI/NSF equating to $2,180 per apartment. This allows future investors to take advantage of immediate rental income on day one with virtually no work, while retaining substantial long-term upside as units are brought to legal rate over time.
Investment highlights
The building is being offered for sale for the first time in almost 40 years. Current ownership has taken long-term care of the property, offering new ownership a turn-key cash flowing asset.
The asset currently generates over $270,000 gross annually. Upon turnover, a new owner may increase rents to their legal limits which will increase annual GR to approximately $315,000.
R subway station at the 25th Street station & the Prospect Avenue station (D, N, R, W trains). There are several markets, banks and convenience stores along with dozens of cafes and restaurants in the immediate area
along 5th Avenue retail corridor.
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