5-Building Mixed-Use Portfolio

$16,950,000

228 Manhattan Avenue, Brooklyn, NY 11206

For Sale

Mixed Use Unknown Sub Type

Active

Last Updated: 07/24/2025

Cap Rate: 6.25%

Building Size: 29,058 sqft

Units: 33

Price Per Sqft: $583

Price Per Unit: $513,000

Short-Term Upside: Several units are rented below market, offering near-immediate 7-10% upside upon next lease renewal.
Turn-Key Cashflow: Two of the buildings are recent ground-up construction (2016-2017) and three newly gut renovated.
80% Free Market: 26 of the 33 units are free market, with remaining 7 units subject rent stabilization due to a J-51 abatement.
Path To 100% Free Market: Units at 228 Manhattan Ave stabilized under J-51 abatement can be destabilized upon expiration/turnover (current year 7 of 14).
Tax Protected: All properties are tax class 2A or 2B, limiting real estate tax increases to a max of 8% per year and 30% over five years.
Transit Oriented: All five are within 3-4 blocks of major subway lines with direct access throughout Manhattan, Brooklyn & Queens.

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