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1736-1738 Pacific St 32 Unit Apartment Building $15,000,000 ($468,750/Unit) 5.59% Cap Rate Brooklyn, NY 11213
Investment Highlights
- 4 Adjacent New Construction 8-Family Buildings with 421-a Tax Abatement Expiring in 2033 in Crown Heights For Sale
- The buildings are located on Pacific Street between Schenectady Avenue and Utica Avenue, in a strong and stable residential pocket of Crown Heights
- The current owner is willing to remain as property manager post-sale at a competitive 5% management fee, providing seamless continuity
- (32 residential units total) built in 2017. These high-quality, modern multifamily properties feature contemporary finishes and layouts
- The properties are conveniently situated near the 4, 5, A, and C trains, as well as multiple bus lines, offering residents quick access to Downtown BK
- This is a rare opportunity to acquire a modern, turnkey portfolio of four contiguous multifamily buildings with substantial remaining tax benefits
Executive Summary
Investment Property Realty Group (IPRG) has been exclusively retained to sell 1736, 1738A, 1738, & 1740 Pacific Street in the Crown Heights section of Brooklyn.
The offering consists of four adjacent 8-family buildings (32 residential units total) built in 2017. These high-quality, modern multifamily properties feature contemporary finishes and layouts and currently benefit from a 15-year 421-a tax abatement that expires in 2033.
The buildings are located on Pacific Street between Schenectady Avenue and Utica Avenue, in a strong and stable residential pocket of Crown Heights. This area continues to experience solid rental demand and appreciation due to its convenient location and ongoing neighborhood revitalization.
The properties are conveniently situated near the 4, 5, A, and C trains, as well as multiple bus lines, offering residents quick access to Downtown Brooklyn, Manhattan, and other parts of Brooklyn. The location is also within close proximity to major retail corridors, dining options, and recreational spaces.
The current owner is willing to remain as property manager post-sale at a competitive 5% management fee, providing seamless continuity, operational stability, and local market expertise to the new owner.
This is a rare opportunity to acquire a modern, turnkey portfolio of four contiguous multifamily buildings with substantial remaining tax benefits in a prime Brooklyn location.
The offering consists of four adjacent 8-family buildings (32 residential units total) built in 2017. These high-quality, modern multifamily properties feature contemporary finishes and layouts and currently benefit from a 15-year 421-a tax abatement that expires in 2033.
The buildings are located on Pacific Street between Schenectady Avenue and Utica Avenue, in a strong and stable residential pocket of Crown Heights. This area continues to experience solid rental demand and appreciation due to its convenient location and ongoing neighborhood revitalization.
The properties are conveniently situated near the 4, 5, A, and C trains, as well as multiple bus lines, offering residents quick access to Downtown Brooklyn, Manhattan, and other parts of Brooklyn. The location is also within close proximity to major retail corridors, dining options, and recreational spaces.
The current owner is willing to remain as property manager post-sale at a competitive 5% management fee, providing seamless continuity, operational stability, and local market expertise to the new owner.
This is a rare opportunity to acquire a modern, turnkey portfolio of four contiguous multifamily buildings with substantial remaining tax benefits in a prime Brooklyn location.
Property Facts
| Price | $15,000,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $468,750 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.25 AC |
| Cap Rate | 5.59% | Building Size | 22,420 SF |
| No. Units | 32 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 2016 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | R6 | ||
| Price | $15,000,000 |
| Price Per Unit | $468,750 |
| Sale Type | Investment |
| Cap Rate | 5.59% |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.25 AC |
| Building Size | 22,420 SF |
| No. Stories | 4 |
| Year Built | 2016 |
| Opportunity Zone |
Yes |
| Zoning | R6 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1.5 | 8 | - | - |
| 2+1 | 24 | - | - |
1 1
Exceptionally walkable
100/100
Somewhat drivable
20/100
Exceptional public transit
100/100
Moderately bikeable
60/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $2,316,600 | |
| Land Assessment | $585,000 | Total Assessment | $2,901,600 |
Property Taxes
Parcel Numbers
Land Assessment
$585,000
Improvements Assessment
$2,316,600
Total Assessment
$2,901,600
Contacts
-
Toby Waring -
Derek Bestreich -
Luke Sproviero -
Adam Lobel -
Investment Property Realty Group
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1736-1738 Pacific St
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