Listed by Matthews
$1,750,000
223 Knickerbocker Avenue
Details
Property Type Multifamily
Square Footage 4,675
Units 6
Cap Rate 7.35%
NOI $128,684
Occupancy 100%
Tenancy Multi
Pro-Forma Cap Rate 8.04%
Pro-Forma NOI $140,753
Price per SqFt $374
Class A
Buildings 1
Lot Size (SqFt) 2,500
Zoning R6 / C1-3
50% Free Market - 7.5%+ Cap Rate - On Bushwick Park
Investment highlights
• Cashflow + Upside: Currently grossing $186K, with clear path to achieve $200K via increases to legal and market rents
• 50% Free Market: Three units are fully free market and three units are rent stabilized (one of which has a high legal rent of $3,725, roughly in line with market)
• Renovated With High-End Finishes: The three FM units are fully renovated with high-end appliances and fixtures and includes in-unit laundry
• Transit Oriented Location: The L-train is just two blocks away at Jefferson St, with access to Williamsburg and Union Square within 15 minutes
• Desirable Location: One block from Maria Hernandez Park, on Knickerbocker Avenue, the focal point of North Bushwick, with abundant restaurants, retail, and neighborhood amenities
Listing Contacts
Listed by Matthews
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$128,684.00
$10,723.67/mo
Valuation Metrics
0
DSCR
7.35%
Cap Rate
7.35%
ROI
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