$1,995,000 USD
914-584-7422
577 New Lots Ave
Brooklyn, NY 11207
East New York
HIGHLIGHTS
- Low Maintenance: Building was renovated in 2015 and has been well maintained since, with no need for short term capital improvements
- Though the 8 residential units are rent stabilized, current leases have preferential rents in place, with ~15% upside in legal rents
- Excellent Light & Air: Side and rear air shafts provide units with substantial light and air, allowing for efficient unit layouts
- Separate Utilities: Tenants are responsible for their own electric, heat & hot water
- Protected Tax Class: 2B Tax Class limits tax increase to no more than 8% a year or 30% over 5 years
- Within 2 blocks of the 3-train at Van Siclen Avenue, offering access to Atlantic Terminal and FiDi within 30-45 minutes
FOR SALE DETAILS
PRICE
$1,995,000 USD
PRICE/SF
$345 USD /SF
# OF UNITS
11
PRICE/UNIT
$181,364
CAP RATE
8.2%
% LEASED
-
SALE TYPE
Investment
BUILDING DETAILS
PROPERTY TYPE
Multi-Family
APARTMENT STYLE
Low-Rise
PROPERTY SUBTYPE
Apartments
TOTAL BUILDING SIZE
-
STORIES
3
YEAR BUILT
1915
PARKING SPACES
-
LAND DETAILS
LAND ACRES
0.06 AC
LAND SF
2,614 SF
ZONING
R5, Brooklyn
APN/PARCEL ID
04088-0038
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914-584-7422
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914-584-7422
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