2017 Albemarle Road, Flatbush 2017 Albemarle Rd 23 Unit Apartment Building $2,925,000 ($127,174/Unit) 7.33% Cap Rate Brooklyn, NY 11226
INVESTMENT HIGHLIGHTS
- 26% Free Market Building - Fully occupied 23-unit asset with 6 free market & 17 rent-stabilized apartments. Average monthly rent of $1,423/unit.
- Strong Upside Potential - Opportunity for 50% rent upside in both free market and preferential rent units, offering long-term value-add potential.
- Efficient Building Infrastructure - Features a gas-fired boiler for heating and individual electric meters, reducing landlord utility expenses.
- Well-Maintained Asset - Minimal deferred maintenance and not subject to Local Law 97 energy requirements, ensuring lower compliance costs.
- Prime Brooklyn Location • 7-minute walk to Newkirk Plaza (B & Q trains) & Newkirk Ave-Little Haiti (2 & 5 trains) • 15-minute walk to Brooklyn College
EXECUTIVE SUMMARY
METICULOUSLY MAINTAINED & CENTRALLY LOCATED MULTIFAMILY BUILDING W. 26% FREE-MARKET UNITS
PROPERTY FACTS
| Price | $2,925,000 |
| Price Per Unit | $127,174 |
| Sale Type | Investment |
| Cap Rate | 7.33% |
| No. Units | 23 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 16,250 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built | 1931 |
| Zoning | R7A - Medium-density apartment house district with lower parking requirements |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 10 | - | - |
| 1+1 | 13 | - | - |
1 of 1
Walk Score®
Walker's Paradise (96)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (86)
PROPERTY TAXES
| Parcel Number | 05101-0052 | Improvements Assessment | $510,300 |
| Land Assessment | $66,150 | Total Assessment | $576,450 |
