Nowak+Partners of Marcus & Millichap has been retained on an exclusive basis to arrange the sale of 250 19th Street, a four-story multifamily building between 5th and 6th Avenues in the South Slope section of Brooklyn, NY. The property is built 20 x 53 feet and sits on a 20 x 100 foot R6B-zoned lot (Block:885, Lot: 13).
The property totals approximately 5,000 gross square feet with four free-market residential units. The ground floor unit is a 1,500 square-foot duplex, consisting of 3-bedrooms, 2-bathrooms and a large garden. The ceiling height in the lower floor is 6 feet, 10 inches. Currently the duplex is owner-occupied and can be delivered vacant. The other apartments are floor through 2-bedroom (plus office) 1-bath units that are occupied on 1-year leases. The ceiling height in all of the apartments is 8 feet, 10 inches.
250 19th Street is located four blocks away from the Prospect Avenue "R" subway station. Investors have the opportunity to purchase a cash-flowing free market building with significant upside in the below market rents. All of the units are in good condition and require minimal capital investment for a condominium conversion. Condo sales in similar walkup buildings in the area have breached $1,000 per square foot, making the subject property an ideal conversion opportunity. The purchaser can capitalize on the close proximity to public transportation as well as the popular Park Slope 5th Avenue and 7th Avenue retail corridors.
