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34 Sutton St 6 Unit Apartment Building $2,399,000 ($399,833/Unit) 5.40% Cap Rate Brooklyn, NY 11222
Executive Summary
Exceptional investment opportunity in the heart of Greenpoint. This well-maintained 6-family building is situated on a desirable tree-lined block and offers strong in-place income with significant upside potential. The property features 10 bedrooms, 7 full bathrooms, a full finished basement with an additional full bath, and a large private backyard with mature trees. The building consists of 3 free-market apartments, 2 rent-stabilized apartments, and one owner-occupied unit that is vacant. Numerous capital improvements have been completed, including four renovated apartments, three updated kitchens, a new boiler (approx. 1 year old), roof (approx. 3 years old), siding (approx. 2 years old), and a professionally installed 24-hour security camera system. The finished lower level offers flexible space for storage, recreation, office, fitness, or other permitted uses, with direct access to the backyard. Ideally located near McGolrick Park, McCarren Park, the G train, NYC Ferry, and Greenpoint's vibrant dining, shopping, and waterfront amenities. This income-producing asset presents an excellent opportunity for investors or 1031 exchange buyers seeking stable cash flow, long-term appreciation, and value-add potential in one of Brooklyn's most sought-after neighborhoods. Financials, leases, operating statements, and maintenance records available upon request.
Property Facts
| Price | $2,399,000 | Property Subtype | Apartment |
| Price Per Unit | $399,833 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | B |
| Cap Rate | 5.40% | Lot Size | 0.06 AC |
| Gross Rent Multiplier | 14.6 | Building Size | 4,125 SF |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1931 |
| Zoning | R6B - Medium density residential district | ||
| Price | $2,399,000 |
| Price Per Unit | $399,833 |
| Sale Type | Investment |
| Cap Rate | 5.40% |
| Gross Rent Multiplier | 14.6 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.06 AC |
| Building Size | 4,125 SF |
| No. Stories | 3 |
| Year Built | 1931 |
| Zoning | R6B - Medium density residential district |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | - | 750 |
1 1
Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
90/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 02690-0052 | Improvements Assessment | $505,350 |
| Land Assessment | $5,850 | Total Assessment | $511,200 |
Property Taxes
Parcel Number
02690-0052
Land Assessment
$5,850
Improvements Assessment
$505,350
Total Assessment
$511,200
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Red Jasmine Real Estate
34 Sutton St
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