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Free Market Seven Unit Mixed Use Building For Sale

209 Malcolm X Blvd, Brooklyn, NY 11221

N/A

7 Units | Multifamily

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Multifamily Property - Off Market

Price:
N/A
No. Units:
7
Building Size:
4,680 SF
Property Type:
Multifamily
Property Sub-type:
Garden/Low-Rise
Property Use Type:
Investment
Cap Rate:
7.50%
Lot Size:
2,080 SF
Listing ID
17425818
Last Updated
over 1 year ago

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.

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

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