Listed by Ariel Property Advisors
$3,700,000
21 Adelphi Street
Details
APN 2032/14
Property Type Multifamily
Sub Type Apartment Building
Square Footage 6,737
Units 8
Cap Rate 6.45%
NOI $238,469
Tenancy Multi
Pro-Forma Cap Rate 7.38%
Pro-Forma NOI $273,039
Price per SqFt $549
Year Built 1900
Stories 4
Lot Size (SqFt) 2,500
Zoning M1-2
21 Adelphi Street, Brooklyn, NY 11205
Marketing description
Located in the heart of Fort Greene, 21 Adelphi Street sits at the perfect intersection of charming residential blocks and a bustling retail corridor that sees 10,000 pedestrians daily. This prime location benefits from a consistent flow of foot traffic driven by local residents, the nearby Pratt Institute, and a vibrant mix of national and local credit tenants. Centrally located near the Clinton–Washington Ave, Nevins St, DeKalb Ave, and Lafayette Ave stations. Direct access to the A, C, B, D, G, N, Q, R, 2, 3, 4, and 5 subway lines, offering seamless connectivity across all five boroughs.
Investment highlights
- Asset Overview: 75% Free Market, four-story apartment building featuring (6) free-market units, (1) rent-stabilized unit, and (1) rent-control unit
- Free-Market Unit Mix: (2) spacious two-bedroom duplex apartments, (2) two-bedroom apartments, and (2) three-bedroom apartments
- Tax Class Protected: Tax Class 2B designation, providing investors with limits on year-over-year tax increases.
- Strong Cash Flow & Revenue Upside: Strong in-place cash flow with ability to increase revenue for (6) free-market apartments through unit renovation.
- Premier Transit Access: Centrally located near the Clinton–Washington Ave, Nevins St, DeKalb Ave, and Lafayette Ave stations. Direct access to the A, C, B, D, G, N, Q, R, 2, 3, 4, and 5 subway lines, offering seamless connectivity across all five boroughs
- High-Traffic Corridor: Situated in the heart of Fort Greene, this prime Brooklyn corridor benefits from over 10,000 daily pedestrians, surrounded by Pratt Institute, Fort Greene Park, and a premier mix of national and local retail tenants
Listing Contacts
Listed by Ariel Property Advisors
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$238,469.00
$19,872.42/mo
Valuation Metrics
0
DSCR
6.45%
Cap Rate
6.45%
ROI
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