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274 Gates Ave
Brooklyn, NY 11216
Multifamily Property For Sale
·
8 Units
Investment Highlights
- Located in a designated Opportunity Zone, offering potential tax benefits.
- Prime Bedford-Stuyvesant location near retail, dining, and cultural amenities.
- Significant upside potential through unit combination and repositioning strategy.
- Stable income from rent-stabilized units with a current NOI of $126,760.78.
- Excellent transit access with A, C, and G subway lines within five blocks.
Executive Summary
Presenting 274 Gates Avenue, a classic four-story brownstone apartment building located in the heart of Bedford-Stuyvesant, Brooklyn. This 18-foot-wide property features eight rent-stabilized studio apartments, offering a stable income stream and long-term investment security. Each unit boasts spacious layouts with 10-foot ceilings, full kitchens, and bathrooms, complemented by abundant natural light and hardwood floors. All apartments are individually metered for gas and electric, with building systems including meters, gas boiler, and water heater located in the basement.
Situated on a picturesque residential block lined with historic brownstones, the property is surrounded by a vibrant mix of retail, dining, and cultural amenities. The A, C, and G subway lines are within five blocks, providing excellent connectivity to Manhattan and other parts of Brooklyn.
This property offers multiple value-add opportunities. Investors can maintain the current rent-stabilized structure for consistent cash flow or reposition the building by combining units into larger floor-through apartments, which would remove rent stabilization. Additionally, the property is located in an Opportunity Zone, providing potential tax advantages for qualified investors.
Situated on a picturesque residential block lined with historic brownstones, the property is surrounded by a vibrant mix of retail, dining, and cultural amenities. The A, C, and G subway lines are within five blocks, providing excellent connectivity to Manhattan and other parts of Brooklyn.
This property offers multiple value-add opportunities. Investors can maintain the current rent-stabilized structure for consistent cash flow or reposition the building by combining units into larger floor-through apartments, which would remove rent stabilization. Additionally, the property is located in an Opportunity Zone, providing potential tax advantages for qualified investors.
Property Facts
| Price Per Unit | $250,000 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 6.34% | Lot Size | 0.05 AC |
| No. Units | 8 | Building Size | 4,050 SF |
| Property Type | Multifamily | No. Stories | 4 |
| Property Subtype | Apartment | Year Built | 1930 |
| Zoning | R6B - Medium density residential | ||
| Price Per Unit | $250,000 |
| Sale Type | Investment |
| Cap Rate | 6.34% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.05 AC |
| Building Size | 4,050 SF |
| No. Stories | 4 |
| Year Built | 1930 |
| Zoning | R6B - Medium density residential |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | - | - |
Property Taxes
| Parcel Number | 01986-0009 | Improvements Assessment | $264,600 |
| Land Assessment | $3,150 | Total Assessment | $267,750 |
Property Taxes
Parcel Number
01986-0009
Land Assessment
$3,150
Improvements Assessment
$264,600
Total Assessment
$267,750
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