293 Grand Ave 9 Unit Apartment Building $4,950,000 ($550,000/Unit) 7% Cap Rate Brooklyn, NY 11238

293 Grand Avenue is a substantial 9-unit mixed-use property located in the heart of Clinton Hill. Spanning approximately 10,500 square feet, the building features eight oversized residential units above a full-building retail component occupying the entire basement level, offering meaningful scale and income diversification.

Six of the eight apartments are Free Market, providing immediate upside through light value-add renovations. The property currently operates at a 6.6% cap rate, with a clear path to an 8.8% cap on cost by investing approximately $20,000 per unit. Each residential unit is a true four-bedroom layout, averaging over 1,115 square feet net, a highly attractive and durable unit mix for the submarket. One unit remains rent-stabilized and vacant, offering additional flexibility for a new owner. Taxes are exceptionally low at $18,059 annually and benefit from the protected 2B tax class, ensuring long-term stability and insulation from outsized increases.

293 Grand Avenue offers scale and flexibility that are increasingly hard to find in Clinton Hill. With strong in-place cash flow, low and stable taxes, and a clear renovation plan to improve returns, this property is well-suited for an investor focused on both current yield and long-term fundamentals.


Broker’s Note on Destabilization and paperwork

2 RS units – One is vacant, and the other is occupied at $1,282/mo. The $1,282 tenant has been there since 1991.
6 FM Units – 2 of those units were destabilized in 2014 under the current ownership. We have significant paperwork on those, including PW3’s, IAI explanations, invoices, receipts, etc. There are also permits on DOB.

The other 4 units (top two floors) were destabilized all together sometime between 2004 - 2009 via the previous owner. The DHCR filings around the time of destabilization appear to be retroactively filed and possibly out of order, but pretty apparent that the units had reasonable increases YOY and then sat vacant for a number of years prior to their destabilization. There is a permit on the DOB filed for the early 2000’s for some work. This was all under previous ownership. Current ownership can provide significant lease history from these units from the most recent decade.