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Fully Rent-Stabilized Building For Sale

$900,000

422 Bleecker Street, Brooklyn, NY 11237

Active
Last Updated: 10/21/2024

8.5

Cap Rate

65,384

NOI

Details:
Cap Rate:    8.5%
NOI:    $65,384
Building Size:    5,670 sqft
Price Per Sqft:    $158
Zoning:    R6
Highlights:
  • Located on an idyllic Street in Prime Bushwick, one block from Wyckoff Avenue.
  • The building is fully rent-stabilized and is currently fully occupied with 100% collections.
  • Natural tenant turnover opens the opportunity for owner occupancy in the short term.
  • Legal rents are 10% above preferential rents, offering the ability to increase returns
  • Dimensions of 27’ x 70’ with air shafts provide spacious and bright layouts.
  • Well maintained, with little to no need for short-term capital improvements.
  • Our asking basis of $155 per SF is 50% below the average neighborhood basis of $288.
  • 2A Tax Class limits tax increase to no more than 8% a year or 30% over 5 years.
  • Short walk to Dekalb L and Wyckoff M with access to Manhattan in 20 Minutes.
Map:
Documents:
Title
Offering Memorandum
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Location
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