Crown Heights North Mostly Free Market Multifamily Building
$4,700,000
1045 Sterling Place, Brooklyn, NY 11213
For Sale
Multifamily
Mid High Rise
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
Documents:
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Offering Memorandum
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