This Multifamily Property is Off-Market.

209 Malcolm X Blvd
Brooklyn, NY 11221 ·

7 Units · Multifamily For Sale

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Free Market Seven Unit Mixed Use Building For Sale

Price N/A Property Sub-type Garden/Low-Rise
No. Units 7 Property Use Type Investment
Building Size 4,680 SF Cap Rate 7.50%
Property Type Multifamily Lot Size 2,080 SF
Listing ID: 17425818 Date Created: 11/22/2011 Last Updated: 03/19/2012

Description

The 4,680 Sq. Ft. building is three stories and consists of seven fully occupied units; five free market residential units and two commercial units. Currently, the actual gross income for the building is $84,840 a year; with expenses of approx. $32,890, the net operating income is approx. $51,950.

The property has a significant upside to increase income with current average residential rent per unit at $964/month, and average rent per Sq. Ft. at only $15/SF. Area rents for similar sized units are around $20/SF. Being that the building is free market and no leases are in place, rent increases can be projected at approx. $1,250-$1,350/month.

The property is located on Malcolm X Blvd between Putnam Avenue and Jefferson Avenue in the Bedford Stuyvesant neighborhood of Brooklyn.
The property is accessible through the A & C subway lines at the Utica Avenue subway station and the J subway line at the Gates Avenue subway station. The property is also accessible through the B46 bus line the runs up and down Malcolm X Blvd and continues on Broadway to the North and Utica Avenue to the South.

Research

209 Malcolm X Blvd, Brooklyn, NY 11221 (Kings County)

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