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Crown Heights North Mostly Free Market Multifamily Building

$4,700,000

1045 Sterling Place, Brooklyn, NY 11213

Active
Last Updated: 08/31/2023

5.74

Cap Rate

6.48

Pro Forma Cap Rate

Details:
Cap Rate:    5.74%
Pro Forma Cap Rate :    6.48%
Building Size:    17,420 sqft
Lot Area:    5,750 sqft
Units:    17
GRM:    10.92
Price Per Sqft:    $270
Price Per Unit:    $276,471
Zoning:    R6
Floors:    4
Highlights:
  • The property is located on the north side of Sterling Place, a beautiful landmark block between Brooklyn & Kingston Avenues
  • Strong cash flow and performance from healthy occupancy with room for growth
  • An opportunity to acquire a 50 foot wide, four story walk up, 17 unit building with 9 modernized free market units
  • The unit mix consists of ten 3 (three) bedroom units & seven 2 (two) bedroom units (three of the units are duplexed with over 1000 SF of backyard space)
  • The building has gone through extensive repairs and upgrades consisting of the installation of a new boiler, surveillance camera system and intercom system with key fob access as well as an oil to gas conversion
  • Convenient transportation options as the property is located a couple of blocks from the 3, A, & C Trains, and the B43 Bus stop is just around the corner
  • Short walk to trendy restaurants, cafes, bars, art galleries, boutique shops, museums, Brower Park & more
Map:
Documents:
Title
Offering Memorandum
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Location
Gallery