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188 Butler St
Brooklyn, NY 11217
Multifamily Property For Sale
·
3 Units
Investment Highlights
- Free-Market 3-unit multifamily asset
- Private outdoor space for ground floor unit
- 2,400 SF of unused residential FAR (R6B/M1-4 zoning) with potential to add 2 additional units via vertical expansion
Executive Summary
188 Butler Street presents a rare opportunity to acquire a fully renovated, three-unit free-market multifamily property with significant value-add potential in the heart of Gowanus, Brooklyn. The building generates stable in-place income and benefits from approximately 2,400 SF of unused residential FAR (R6B/M1-4 zoning), allowing for vertical expansion and a potential 5-unit condo sellout.
All units are modern 2BRs with in-unit washer/dryers, hardwood floors, and private outdoor access. The ground-floor unit features a ~1000 SF private garden, and all units are individually metered for gas and electric. The property is ideal for investors seeking long-term cash flow, or developers exploring boutique condo conversion.
Ownership is offered via LLC transfer, streamlining the acquisition process and providing potential tax benefits for the buyer, acquiring a 5.25% fixed-rate mortgage, offering financing flexibility in today’s rate environment. Located on a quiet tree-lined block near Bond Street, the building is within walking distance of Whole Foods, Union Street R train, Smith Street retail, and Gowanus’ ongoing infrastructure improvements under the neighborhood rezoning plan.
This is an excellent opportunity to secure a turn-key, income-producing property with long-term growth and development upside in one of Brooklyn’s most dynamic neighborhoods.
All units are modern 2BRs with in-unit washer/dryers, hardwood floors, and private outdoor access. The ground-floor unit features a ~1000 SF private garden, and all units are individually metered for gas and electric. The property is ideal for investors seeking long-term cash flow, or developers exploring boutique condo conversion.
Ownership is offered via LLC transfer, streamlining the acquisition process and providing potential tax benefits for the buyer, acquiring a 5.25% fixed-rate mortgage, offering financing flexibility in today’s rate environment. Located on a quiet tree-lined block near Bond Street, the building is within walking distance of Whole Foods, Union Street R train, Smith Street retail, and Gowanus’ ongoing infrastructure improvements under the neighborhood rezoning plan.
This is an excellent opportunity to secure a turn-key, income-producing property with long-term growth and development upside in one of Brooklyn’s most dynamic neighborhoods.
Property Facts
| Price Per Unit | $1,199,667 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.06 AC |
| No. Units | 3 | Building Size | 2,400 SF |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1901/2019 |
| Apartment Style | Low-Rise | Opportunity Zone |
Yes
|
| Zoning | M1-4/R6B, G | ||
| Price Per Unit | $1,199,667 |
| Sale Type | Investment |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.06 AC |
| Building Size | 2,400 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1901/2019 |
| Opportunity Zone |
Yes |
| Zoning | M1-4/R6B, G |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Washer/Dryer
- Heating
- Kitchen
- Hardwood Floors
- High Speed Internet Access
- Refrigerator
- Stainless Steel Appliances
- Tub/Shower
- Large Bedrooms
Site Amenities
- 24 Hour Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 3 | $4,030 | 800 |
Property Taxes
| Parcel Number | 00411-0010 | Improvements Assessment | $131,700 |
| Land Assessment | $24,900 | Total Assessment | $156,600 |
Property Taxes
Parcel Number
00411-0010
Land Assessment
$24,900
Improvements Assessment
$131,700
Total Assessment
$156,600
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