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319 Menahan St 6 Unit Apartment Building $1,500,000 ($250,000/Unit) 6.76% Cap Rate Brooklyn, NY 11237
INVESTMENT HIGHLIGHTS
- Three Fully Gut-Renovated, High-Rent Units
- Legal Garden Duplex with Private 875 SF Yard
- Excellent Condition & Strong Compliance Record
- IAI Documentation Package
- Three Rent-Stabilized Units
- Prime Bushwick Location
EXECUTIVE SUMMARY
IPRG is pleased to present 319 Menahan Street, a well-maintained six-family brick building in the heart of Bushwick, Brooklyn. Built 24.5’ × 65’ on a 24.5’ × 100’ lot
(±5,350 existing SF), the property delivers strong day-one cash flow with multiple avenues for future upside.
KEY HIGHLIGHTS:
- Three Fully Gut-Renovated, High-Rent Units: Ownership invested over $400,000 renovating these three units, each featuring high-end finishes, individual HVAC systems, and fully signed-off DOB GC permits. Two units are true free-market. One remains rent-stabilized (did not previously meet the high-rent vacancy decontrol threshold) with a current preferential/market rent of $2,692/mo and a legal regulated rent of $4,402/mo, offering immediate mark-to-market upside upon turnover.
- IAI Documentation Package: Ownership will provide a complete renovation file, including before/during/after photos, signed GC and architect contracts, invoices, and copies of all canceled checks.
- Legal Garden Duplex with Private 875 SF Yard: Apartment 1R is a spacious legal duplex with direct parlor-level access to an expansive 875 SF private rear yard.
- Three Rent-Stabilized Units: Three unrenovated rent-stabilized apartments provide stable in-place income with additional long-term value-add potential.
- Excellent Condition & Strong Compliance Record: Fewer than 10 HPD violations in 12 years of ownership. Only two complaints in the past four years. Full collections for the entire ownership period, with no nonpayment issues, arrears, or vacancies.
- Prime Bushwick Location: Just steps from the Myrtle-Wyckoff Ave L/M trains and surrounded by Bushwick’s vibrant retail, dining, galleries, and nightlife.
319 Menahan Street offers investors a true turnkey opportunity—three high-performing renovated units with significant capital investment, complete
documentation, low-maintenance operations, protected stabilized income, and clear value-add potential through preferential rent recapture and future
repositioning of remaining units
(±5,350 existing SF), the property delivers strong day-one cash flow with multiple avenues for future upside.
KEY HIGHLIGHTS:
- Three Fully Gut-Renovated, High-Rent Units: Ownership invested over $400,000 renovating these three units, each featuring high-end finishes, individual HVAC systems, and fully signed-off DOB GC permits. Two units are true free-market. One remains rent-stabilized (did not previously meet the high-rent vacancy decontrol threshold) with a current preferential/market rent of $2,692/mo and a legal regulated rent of $4,402/mo, offering immediate mark-to-market upside upon turnover.
- IAI Documentation Package: Ownership will provide a complete renovation file, including before/during/after photos, signed GC and architect contracts, invoices, and copies of all canceled checks.
- Legal Garden Duplex with Private 875 SF Yard: Apartment 1R is a spacious legal duplex with direct parlor-level access to an expansive 875 SF private rear yard.
- Three Rent-Stabilized Units: Three unrenovated rent-stabilized apartments provide stable in-place income with additional long-term value-add potential.
- Excellent Condition & Strong Compliance Record: Fewer than 10 HPD violations in 12 years of ownership. Only two complaints in the past four years. Full collections for the entire ownership period, with no nonpayment issues, arrears, or vacancies.
- Prime Bushwick Location: Just steps from the Myrtle-Wyckoff Ave L/M trains and surrounded by Bushwick’s vibrant retail, dining, galleries, and nightlife.
319 Menahan Street offers investors a true turnkey opportunity—three high-performing renovated units with significant capital investment, complete
documentation, low-maintenance operations, protected stabilized income, and clear value-add potential through preferential rent recapture and future
repositioning of remaining units
PROPERTY FACTS
| Price | $1,500,000 | Apartment Style | Low-Rise |
| Price Per Unit | $250,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.05 AC |
| Cap Rate | 6.76% | Building Size | 5,350 SF |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1931 |
| Property Subtype | Apartment | ||
| Zoning | R6 | ||
| Price | $1,500,000 |
| Price Per Unit | $250,000 |
| Sale Type | Investment |
| Cap Rate | 6.76% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.05 AC |
| Building Size | 5,350 SF |
| No. Stories | 3 |
| Year Built | 1931 |
| Zoning | R6 |
AMENITIES
UNIT AMENITIES
- Heating
- Refrigerator
- Oven
- Tub/Shower
- Freezer
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
1 1
Walk Score®
Walker's Paradise (98)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (88)
PROPERTY TAXES
| Parcel Number | 03310-0055 | Improvements Assessment | $462,150 |
| Land Assessment | $45,000 | Total Assessment | $507,150 |
PROPERTY TAXES
Parcel Number
03310-0055
Land Assessment
$45,000
Improvements Assessment
$462,150
Total Assessment
$507,150
CONTACTS
-
Derek Bestreich -
Steve Reynolds -
Tom Reynolds -
Brian Davila -
Investment Property Realty Group
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319 Menahan St
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