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1729 67th St 59 Unit Apartment Building $6,900,000 ($116,949/Unit) 8.50% Cap Rate Brooklyn, NY 11204
Executive Summary
1729 67th Street is a beautifully maintained 59-unit, rent-stabilized multifamily building with a very strong 7.8% day-1 cap rate and only asking $112/sf and $117k/unit. These are extremely attractive metrics. Beyond its metrics, the property benefits from being located just steps from the N and D subway lines, offering direct access to Manhattan and strong connectivity throughout Brooklyn.
The property has been exceptionally well-maintained over time and features extremely clean common areas and solid building systems throughout. It is a stable, orderly asset with a level of cleanliness and maintenance that stands out within the submarket. Investors are acquiring true in-place yield on day one with minimal arrears.
In addition, there is very competitive financing available, which can support approximately 10% cash-on-cash returns based on the current income and structure. The combination of scale, strong physical condition, excellent transit access, and an 7.8% going-in cap presents a compelling opportunity to secure stable cash flow at an attractive entry point in today’s market.
The property has been exceptionally well-maintained over time and features extremely clean common areas and solid building systems throughout. It is a stable, orderly asset with a level of cleanliness and maintenance that stands out within the submarket. Investors are acquiring true in-place yield on day one with minimal arrears.
In addition, there is very competitive financing available, which can support approximately 10% cash-on-cash returns based on the current income and structure. The combination of scale, strong physical condition, excellent transit access, and an 7.8% going-in cap presents a compelling opportunity to secure stable cash flow at an attractive entry point in today’s market.
Property Facts
| Price | $6,900,000 | Property Subtype | Apartment |
| Price Per Unit | $116,949 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 8.50% | Lot Size | 0.47 AC |
| Gross Rent Multiplier | 6.6 | Building Size | 61,740 SF |
| No. Units | 59 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1930 |
| Zoning | R5 | ||
| Price | $6,900,000 |
| Price Per Unit | $116,949 |
| Sale Type | Investment |
| Cap Rate | 8.50% |
| Gross Rent Multiplier | 6.6 |
| No. Units | 59 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.47 AC |
| Building Size | 61,740 SF |
| No. Stories | 4 |
| Year Built | 1930 |
| Zoning | R5 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Maintenance on site
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 59 | - | 450 |
1 1
Walk Score®
Walker's Paradise (96)
Transit Score®
Excellent Transit (87)
Property Taxes
| Parcel Number | 05560-0073 | Improvements Assessment | $841,050 |
| Land Assessment | $269,100 | Total Assessment | $1,110,150 |
Property Taxes
Parcel Number
05560-0073
Land Assessment
$269,100
Improvements Assessment
$841,050
Total Assessment
$1,110,150
Contacts
-
Andrew Bronsteen -
Shaun Riney -
Julian Perla -
Ariel Asherian -
New York Multifamily
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1729 67th St
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