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1277 Nostrand Ave
Brooklyn, NY 11226
Multifamily Property For Sale
·
6 Units
PROPERTY FACTS
| No. Units | 6 | Lot Size | 0.05 AC |
| Property Type | Multifamily | Building Size | 4,500 SF |
| Property Subtype | Apartment | Average Occupancy | 80% |
| Apartment Style | Low-Rise | No. Stories | 3 |
| Building Class | C | Year Built | 1931 |
| Zoning | R6 - R6 zoning districts are widely mapped in built-up, medium-density areas in Brooklyn, Queens and the Bronx. | ||
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.05 AC |
| Building Size | 4,500 SF |
| Average Occupancy | 80% |
| No. Stories | 3 |
| Year Built | 1931 |
| Zoning | R6 - R6 zoning districts are widely mapped in built-up, medium-density areas in Brooklyn, Queens and the Bronx. |
ABOUT 1277 NOSTRAND AVE , BROOKLYN, NY 11226
1277 Nostrand Avenue is a multi-family rent stabilized investment property built approx. 4,500sf, comprised of six railroad style one and two bedroom (1BR & 2BR) apartments all with one bath (1BTH). Five apartments have been updated and collect close to free market rents for the area, with one unrenovated unit collecting a lower preferential rate; regardless, with one floor currently being used as management offices there is an excellent cash flow opportunity with strong upside potential when fully occupied. The building has recently updated hardwood floors, kitchens/baths, electric, plumbing, and roof with a projected cap rate of 5.32% OR a potential net operating income (NOI) of approx. $100,000/yr. There is a 12 year J-51 tax abatement in place for capital improvements that expires in 2028. The property is ideally located in burgeoning Prospect-Lefferts Garden, Brooklyn, which has been on the forefront of and expansion on the SE portion of Prospect Park and continues to remain a high-density neighborhood for renters. Known for its well-preserved architecture due to a founding covenant prohibiting certain types of business and use in the area, the historic subdivision still mostly permits only single-family residences, making multi-family investment opportunities highly desirable in the area. With main commercial corridors located on Nostrand and Flatbush Avenues, 1277 Nostrand presents an amazing location near local neighborhood businesses like the newly opened Greenlight Bookstore, and restaurants including Parkside, Midwood Flats, ZuriLee Pizza Bar, and MangoSeed. Located only one block from the Winthrop Ave. 2/5 trains, 1277 Nostrand Ave. is within close walking distance to Kingsland County Hospital and Kingsbrook Jewish Medical Center, various drug stores, gym, cafes, restaurants, banks and other local amenities. Additional transportation options include the Q train at Prospect Park; Additional transportation options include the S (the Franklin Avenue Shuttle), which serves only Brooklyn, and the B lines, as well as multiple bus options.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 6 | - | - |
PROPERTY TAXES
| Parcel Number | 04828-0008 | Improvements Assessment | $453,150 |
| Land Assessment | $47,700 | Total Assessment | $500,850 |
PROPERTY TAXES
