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1028 66th St
Brooklyn, NY 11219
1028 66 Street · Multifamily Property For Sale
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6 Units
Investment Highlights
- Current 5.55% cap rate with projected 6.21% pro forma cap rate
- Available individually or with neighboring 1026 66th Street
- Projected gross income of approximately $163,902 annually
Executive Summary
1028 66th Street is a six-unit multifamily investment opportunity located in Borough Park, Brooklyn. The property consists of two free-market units and four rent-stabilized units. Two apartments, 1F and 1R, are currently vacant and provide immediate upside. The legal rent for the vacant 1F unit is $1,493.03 and the projected rent for the vacant 1R unit is $2,465.51. Based on current rents and lease-up of the vacant units, the property generates approximately $150,693 in annual gross income and $111,063 in NOI, representing a 5.55% cap rate at the asking price. Based on projected market rents throughout the building, investors have the potential to achieve an NOI of approximately $124,272, representing a 6.21% pro forma cap rate. The neighboring property, 1026 66th Street, is also available for sale individually or as part of a 12-unit portfolio acquisition.
Property Facts
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | - | 590 |
| 2+1 | 2 | - | 650 |
Property Taxes
| Parcel Number | 05758-0017 | Improvements Assessment | $547,650 |
| Land Assessment | $8,100 | Total Assessment | $555,750 |
Property Taxes
Parcel Number
05758-0017
Land Assessment
$8,100
Improvements Assessment
$547,650
Total Assessment
$555,750
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