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137 Nelson St 8 Unit Apartment Building $5,500,000 ($687,500/Unit) 6.05% Cap Rate Brooklyn, NY 11231
Investment Highlights
- Free Market
- 1031 Ready
- Low Vacancy
- Renovated
- Fully Occupied
- Exposed Brick
Executive Summary
This fully renovated 8-unit free market building offers an exceptional opportunity to own a high-performing, low-maintenance rental asset in a prime location. Originally gut-renovated for condo conversion, the property features modern systems, quality finishes, and thoughtful layouts. Though initially intended for resale, the building was retained as a rental and has delivered years of strong, stable income with excellent tenants and professional management.
What truly sets this asset apart is its remarkably low operating costs—maintenance and property taxes are significantly lower than comparable investment vehicles, enhancing overall returns. With minimal upkeep required and immediate cash flow in place, this is a rare chance to acquire a truly passive, high-upside investment in a high-demand market.
Additionally, simple flexing of the 1BR units in floors 2-4 to a 2BR could drastically increase the rent roll.
Here are videos of the units that depict the layout and quality of renovation. Floors 2-4 are identical.
What truly sets this asset apart is its remarkably low operating costs—maintenance and property taxes are significantly lower than comparable investment vehicles, enhancing overall returns. With minimal upkeep required and immediate cash flow in place, this is a rare chance to acquire a truly passive, high-upside investment in a high-demand market.
Additionally, simple flexing of the 1BR units in floors 2-4 to a 2BR could drastically increase the rent roll.
Here are videos of the units that depict the layout and quality of renovation. Floors 2-4 are identical.
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $5,500,000 | Property Subtype | Apartment |
| Price Per Unit | $687,500 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.05% | Lot Size | 0.03 AC |
| Gross Rent Multiplier | 17 | Building Size | 6,200 SF |
| No. Units | 8 | No. Stories | 5 |
| Property Type | Multifamily | Year Built/Renovated | 1931/2016 |
| Zoning | R6B - R6 is a medium-density residential zoning district. | ||
| Price | $5,500,000 |
| Price Per Unit | $687,500 |
| Sale Type | Investment |
| Cap Rate | 6.05% |
| Gross Rent Multiplier | 17 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.03 AC |
| Building Size | 6,200 SF |
| No. Stories | 5 |
| Year Built/Renovated | 1931/2016 |
| Zoning | R6B - R6 is a medium-density residential zoning district. |
Amenities
Unit Amenities
- Dishwasher
- Washer/Dryer
- Kitchen
- Oven
Site Amenities
- Trash Pickup - Curbside
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | - |
| 1+1.5 | 1 | - | - |
| 1+1 | 6 | - | - |
1 1
Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
100/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 00377-0058 | Total Assessment | $1,612,350 |
| Land Assessment | $135,000 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $1,477,350 | Tax Year | 2026 |
Property Taxes
Parcel Number
00377-0058
Land Assessment
$135,000
Improvements Assessment
$1,477,350
Total Assessment
$1,612,350
Annual Taxes
($1) ($0.00/SF)
Tax Year
2026
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Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Contact the Sale Advisor
137 Nelson St