Listed by Matthews
$5,950,000
856 Greene Avenue
Details
APN 3044051
Property Type Multifamily
Sub Type Apartment Building
Square Footage 8,509
Net Rentable (SqFt) 8,509
Units 10
Cap Rate 7.35%
NOI $437,437
Occupancy 100%
Tenancy Multi
Price per SqFt $699
Class A
Year Renovated 2018
Buildings 1
Stories 5
Lot Size (SqFt) 2,600
Zoning R6A
Investment Type Stabilized
Sale Condition N/A
Rental w/ Condo Finishes | 10 Units | 7.35% Cap In-Place
Investment highlights
- Gut renovated in 2018, the five-story masonry building features condo-quality finishes, including stainless appliances, central heating and cooling, in-unit laundry, new hardwood floors, and exposed brick walls.
- The property was converted from a 4-unit building to a 10-unit building via Alteration Type 1 (2 stories added - permits and construction file available for review)
- The building differentiates from other rental properties with a fitness room, bicycle storage, common outdoor space, roof access, private balconies, and green spaces.
- Apartments are a mix of 3 and 4 bedroom layouts with all units having 2 ½ bathrooms, offering tenants a desirable BR/BTH ratio.
- The property benefits from a 14-year J-51 tax abatement with full tax savings through 2031, and taxes phasing in 20% per year through 2035. The property is subject to rent stabilization at least through expiration of the abatement.
- Legal rents exceed market rents (preferential), allowing for market annual increases. Additionally, all leases include J-51 riders, allowing for conversion to market upon expiration of the abatement
Listing Contacts
Listed by Matthews
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$437,437.00
$36,453.08/mo
Valuation Metrics
0
DSCR
7.35%
Cap Rate
7.35%
ROI
Map
Zoning
R6A ResidentialMulti FamilyGeneral Residence
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View all 99 uses Last updated Jun 22, 2026 For deeper zoning details, reports are available at Zoneomics
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