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1111 Lafayette Ave 16 Unit Apartment Building $1,925,000 ($120,313/Unit) 8.35% Cap Rate Brooklyn, NY 11221
Investment Highlights
- ?16-Unit Building at $120K/Unit - Sixteen identical rent-stabilized one-bedrooms — real scale at a fraction of replacement cost.
- Tax Reassessment Upside - Taxes run $56,412/yr and have not been grieved — a certiorari filing could potentially cut the bill materially, lifting NOI.
- ?Built-In Legal Upside - +$43,410/yr of loss-to-lease captured on turnover — a 15% lift to income, with no reliance on RGB renewals.
- ?8.35% Day-One Cap - On in-place rents — rising to 10.47% as the rent roll reaches it's legal rents
Executive Summary
The Peters Team is representing the owners on an exclusive basis to present the property at 1111 Lafayette Avenue, a 16-unit, fully rent-stabilized multifamily walk-up in the heart of Bushwick.? The building cash-flows today on a stable rent roll of sixteen identical one-bedroom units, with $43,410 of annual loss-to-lease to the registered legal rents — collectable income that requires no change to the stabilization status.? Additional upside sits in the potential to activate the basement for retail or storage, plus a new registered rent on the super's unit (2A).? At a $120,313-per-unit basis, the asset delivers a strong day-one yield three minutes from the J · Z · M at Kosciuszko Street.?
Property Facts
| Price | $1,925,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $120,313 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.07 AC |
| Cap Rate | 8.35% | Building Size | 8,400 SF |
| No. Units | 16 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1931 |
| Property Subtype | Apartment | ||
| Zoning | R6 - R6 | ||
| Price | $1,925,000 |
| Price Per Unit | $120,313 |
| Sale Type | Investment |
| Cap Rate | 8.35% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.07 AC |
| Building Size | 8,400 SF |
| No. Stories | 4 |
| Year Built | 1931 |
| Zoning | R6 - R6 |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- Fenced Lot
- Trash Pickup - Curbside
- Vintage Building
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 16 | $1,700 | 500 - 550 |
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Exceptionally walkable
100/100
Somewhat drivable
20/100
Exceptional public transit
100/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 03263-0055 | Improvements Assessment | $435,600 |
| Land Assessment | $68,850 | Total Assessment | $504,450 |
Property Taxes
Parcel Number
03263-0055
Land Assessment
$68,850
Improvements Assessment
$435,600
Total Assessment
$504,450
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Contact the Sale Advisor
1111 Lafayette Ave