FOR SALE | 5 Free-Market Apartments Over 1 Commercial Unit

$1,650,000

64 Lott Avenue, Brooklyn, NY 11212

For Sale

Mixed Use

Active

Last Updated: 10/04/2023

Details:

Cap Rate: 5.22%

NOI: $86,192

Pro Forma Cap Rate : 8.87%

Building Size: 5,600 sqft

Units: 6

Price Per Sqft: $295

Price Per Unit: $275,000

Zoning: R6

Offered by

Michael Murphy

Senior Associate

IPRG

#10401294590

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Description:

Investment Property Realty Group (IPRG) has been exclusively retained to sell 64 Lott Avenue. The subject property is located on the corner of Lott Avenue & Amboy Street in Brownsville.

The property offers 5 free-market apartments over 1 commercial unit. The property is built 25 ft x 72 ft, offering approximately 5,600 square feet (includes 200 Sf garage). The lot is built 25 ft x 90 ft. All the apartments are currently configured as 2BR layouts.

The building offers immediate value-upside with 3 of the 6 apartments being MTM and all units currently below market. The rear units are easily convertible to 3BR and program rents in the neighborhood are paying up to $2,257 for 2BR apartments and $3,188 for 3BR apartments.