75% Free Market Multifamily Building in Fort Greene
$3,350,000
21 Adelphi Street, Brooklyn, NY 11205
For Sale
Multifamily
Mid High Rise
Active
Last Updated: 09/05/2026
7.72
Cap Rate
258,550
NOI
Details:
Cap Rate: 7.72%
NOI: $258,550
Building Size: 6,737 sqft
Lot Area: 2,500 sqft
Price Per Sqft: $497
Price Per Unit: $418,750
Zoning: M1-2
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
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