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1742 E 2nd St
Brooklyn, NY 11223
Multifamily Property For Sale
·
16 Units
Investment Highlights
- Exceptional Opportunity | 16 Family With No Cap Ex Required
- Legitimate Upside With Renovated One-Bed Rentals Achieving $2,000+/Month In This Location
- Long Term Generational Ownership
- All 16 Units Operating On A Preferential Rent
- No Rental Arrears
- Corner Building In Prime Location Of Midwood - Quentin Road And East 2nd Street
Executive Summary
Marcus & Millichap is pleased to present 1742 East 2nd Street, a 16-unit multifamily property located at the corner of Quentin Road and East 2nd Street in the Midwood section of Brooklyn. Situated on a 3,200-square-foot corner lot, the Property encompasses approximately 10,200 square feet across a 32-foot by 90-foot building footprint. The building consists of 16 rent-stabilized residential units, all currently operating under preferential rents, creating a legitimate path for future revenue growth as rents are reset in accordance with applicable regulations. Renovated one-bedroom apartments in the immediate area are achieving rents exceeding $2,000 per month, highlighting the Property's embedded upside. Long-term generational ownership has resulted in excellent physical condition, with no rental arrears and no anticipated near-term capital expenditure requirements, allowing new ownership to focus on operational growth rather than deferred maintenance.
Located in one of South Brooklyn's strongest residential neighborhoods, 1742 East 2nd Street benefits from its prominent corner location, convenient access to the Kings Highway commercial corridor, public transportation, neighborhood retail, and local amenities. The Property represents a compelling opportunity to acquire a clean, institutionally maintained
multifamily asset with stable in-place income and significant long-term appreciation potential.
Located in one of South Brooklyn's strongest residential neighborhoods, 1742 East 2nd Street benefits from its prominent corner location, convenient access to the Kings Highway commercial corridor, public transportation, neighborhood retail, and local amenities. The Property represents a compelling opportunity to acquire a clean, institutionally maintained
multifamily asset with stable in-place income and significant long-term appreciation potential.
Property Facts
| Price Per Unit | $149,688 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 7.08% | Lot Size | 0.07 AC |
| Gross Rent Multiplier | 8.38 | Building Size | 10,200 SF |
| No. Units | 16 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1928 |
| Property Subtype | Apartment | ||
| Zoning | R5 - A low-density residential zoning district that permits attached townhouses, small multi-family apartment buildings, and detached or semi-detached houses. It allows a maximum Floor Area Ratio (FAR) of 1.25 and a general building height limit of 40 feet. | ||
| Price Per Unit | $149,688 |
| Sale Type | Investment |
| Cap Rate | 7.08% |
| Gross Rent Multiplier | 8.38 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.07 AC |
| Building Size | 10,200 SF |
| No. Stories | 4 |
| Year Built | 1928 |
| Zoning | R5 - A low-density residential zoning district that permits attached townhouses, small multi-family apartment buildings, and detached or semi-detached houses. It allows a maximum Floor Area Ratio (FAR) of 1.25 and a general building height limit of 40 feet. |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 16 | - | - |
Property Taxes
| Parcel Number | 06633-0038 | Improvements Assessment | $317,700 |
| Land Assessment | $86,400 | Total Assessment | $404,100 |
Property Taxes
Parcel Number
06633-0038
Land Assessment
$86,400
Improvements Assessment
$317,700
Total Assessment
$404,100
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