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22 Patchen Ave 7 Unit Apartment Building $2,799,000 ($399,857/Unit) Brooklyn, NY 11221
Investment Highlights
- Fully renovated multifamily building.
- Currently vacant and was recently completed.
- The property is separately metered for heat and electric.
- 7 residential units totaling approximately 3,600 square feet.
- Unit mix includes six 1-bedroom units and one 2-bedroom apartment with a private backyard and a cellar.
- Projected $248,400 in gross annual income with $207,035 NOI.
Executive Summary
Asset CRG Advisors, LLC, has been exclusively retained to market 22 Patchen Ave, a fully renovated multifamily building located in the Bedford-Stuyvesant neighborhood of Brooklyn. Property underwent substantial rehabilitation and ownership can provide supporting documentation.
The property consists of approximately 3,600 built square feet and is currently configured with 7 residential units, including six onebedroom apartments and one two-bedroom apartment with a private backyard and a cellar. The building is separately metered for heat and electric and benefits from Protected Tax Class 2B
status, limiting future tax increases.
The property is currently vacant and was recently completed, presenting an opportunity for immediate lease-up. Upon full occupancy, the asset is projected to generate approximately $248,400 in gross annual income and $207,035 in net operating income, offering strong cash flow potential for investors seeking a turnkey multifamily asset.
The property consists of approximately 3,600 built square feet and is currently configured with 7 residential units, including six onebedroom apartments and one two-bedroom apartment with a private backyard and a cellar. The building is separately metered for heat and electric and benefits from Protected Tax Class 2B
status, limiting future tax increases.
The property is currently vacant and was recently completed, presenting an opportunity for immediate lease-up. Upon full occupancy, the asset is projected to generate approximately $248,400 in gross annual income and $207,035 in net operating income, offering strong cash flow potential for investors seeking a turnkey multifamily asset.
Data Room Click Here to Access
- Offering Memorandum
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $2,799,000 | Building Class | B |
| Price Per Unit | $399,857 | Lot Size | 0.04 AC |
| Sale Type | Investment | Building Size | 3,600 SF |
| No. Units | 7 | Average Occupancy | 0% |
| Property Type | Multifamily | No. Stories | 4 |
| Property Subtype | Apartment | Year Built/Renovated | 1931/2026 |
| Apartment Style | Mid-Rise | ||
| Zoning | R6B - As a contextual district, buildings developed in R6B Zoning must comply with Quality Housing Program Regulations. | ||
| Price | $2,799,000 |
| Price Per Unit | $399,857 |
| Sale Type | Investment |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.04 AC |
| Building Size | 3,600 SF |
| Average Occupancy | 0% |
| No. Stories | 4 |
| Year Built/Renovated | 1931/2026 |
| Zoning | R6B - As a contextual district, buildings developed in R6B Zoning must comply with Quality Housing Program Regulations. |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Granite Countertops
- Hardwood Floors
- Refrigerator
- Oven
- Tub/Shower
- Intercom
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Recycling
- Trash Pickup - Curbside
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 1 | $3,700 | 700 |
| 1+1 | 6 | $2,700 | 500 |
1 1
Exceptionally walkable
100/100
Somewhat drivable
20/100
Exceptional public transit
100/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 01612-0048 | Improvements Assessment | $301,050 |
| Land Assessment | $81,000 | Total Assessment | $382,050 |
Property Taxes
Parcel Number
01612-0048
Land Assessment
$81,000
Improvements Assessment
$301,050
Total Assessment
$382,050
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22 Patchen Ave
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