19 Denton Pl 5 Unit Apartment Building $3,295,000 ($659,000/Unit) 6% Cap Rate Brooklyn, NY 11215

Investment Overview

Building Overview
Set in the heart of Gowanus, Brooklyn, 19 Denton Place is a three-story, 3,233-square-foot multifamily building that offers investors a fully repositioned, income-producing asset just blocks from the neighborhood's rapidly transforming waterfront. The five-unit property is entirely free-market, comprising one two-bedroom, two one-
bedrooms, and two studios, with no rent-stabilized units to manage around. Set on a 20' x 90' lot with M1-4/R6B zoning, the building offers investors a rare combination of stability and near-term upside in one of Brooklyn's most actively redeveloping submarkets.

Fresh Renovations
19 Denton Place offers investors the chance to acquire a fully free-market, recently renovated multifamily asset in Gowanus. Units feature updated kitchens with white shaker cabinetry, stainless steel appliances, and stacked in-unit washer/dryers, along with refinished flooring, updated lighting, and freshly painted interiors throughout. These
upgrades allow the building to command strong, top-of-market free-market rents while minimizing near-term capital needs for a new owner, positioning the asset as a turnkey acquisition rather than a heavy value-add project.

Rent Roll Upside
Actual in-place rents average $3,780 per month per unit, anchored by a two-bedroom currently renting for $5,500 per month. Two of the five units, both studios, are currently vacant, giving a new owner the ability to bring them online at market rents immediately upon acquisition without the need to wait out an existing lease. Under pro forma
assumptions, driven by mark-to-market increases on the building's one-bedroom and two-bedroom units, monthly residential revenue grows from $18,900 to $21,400, taking annual gross residential revenue from $226,800 to $256,800.

Operating at a disciplined expense ratio of roughly 10% of effective gross income, 19 Denton Place delivers both dependable in-place cash flow and clear, achievable upside. The asset produces a 6.0% current cap rate, with pro projections, driven by the mark-to-market of in-place units and lease-up of the two vacant studios, reflecting a
6.8% cap rate and meaningful growth in net operating income, from $197,655 today to $225,411 on a pro forma basis. With two vacant units ready for immediate lease-up and three additional units still priced below prevailing market rents, 19 Denton Place offers a clear, near-term path to realizing its full income potential.