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340 Irving Ave 10 Unit Apartment Building $5,500,000 ($550,000/Unit) 5.38% Cap Rate Brooklyn, NY 11237
Investment Highlights
- New construction building
- True statutorily free market asset
- No tax abatement or exemption
Executive Summary
Investment Property Realty Group (IPRG) is pleased to present 340 Irving Avenue, a modern new construction building that received its Final CO in 2020. With no
tax abatement or exemption, the property is a true statutorily free market asset, offering long-term income stability and maximum operational flexibility.
Built 34.67 ft × 58 ft, the property features an efficient layout with a desirable mix of one- and two-bedroom apartments, appealing to
the strong tenant base drawn to the neighborhood. The building has been impeccably maintained since completion and benefits from high-quality construction and contemporary finishes throughout.
Situated in a prime Bushwick location, just steps from the Myrtle–Wyckoff L/M trains, the property offers exceptional connectivity and consistent rental demand. Surrounded by a vibrant mix of local retail, dining, and neighborhood amenities, 340 Irving Avenue presents an outstanding opportunity to acquire a turnkey, cash-flowing multifamily asset in one of Brooklyn’s most dynamic and evergrowing submarkets.
tax abatement or exemption, the property is a true statutorily free market asset, offering long-term income stability and maximum operational flexibility.
Built 34.67 ft × 58 ft, the property features an efficient layout with a desirable mix of one- and two-bedroom apartments, appealing to
the strong tenant base drawn to the neighborhood. The building has been impeccably maintained since completion and benefits from high-quality construction and contemporary finishes throughout.
Situated in a prime Bushwick location, just steps from the Myrtle–Wyckoff L/M trains, the property offers exceptional connectivity and consistent rental demand. Surrounded by a vibrant mix of local retail, dining, and neighborhood amenities, 340 Irving Avenue presents an outstanding opportunity to acquire a turnkey, cash-flowing multifamily asset in one of Brooklyn’s most dynamic and evergrowing submarkets.
Property Facts
| Price | $5,500,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $550,000 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.08 AC |
| Cap Rate | 5.38% | Building Size | 7,382 SF |
| No. Units | 10 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 2020 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | R6 | ||
| Price | $5,500,000 |
| Price Per Unit | $550,000 |
| Sale Type | Investment |
| Cap Rate | 5.38% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.08 AC |
| Building Size | 7,382 SF |
| No. Stories | 4 |
| Year Built | 2020 |
| Opportunity Zone |
Yes |
| Zoning | R6 |
Amenities
Unit Amenities
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- Controlled Access
- Tenant Controlled HVAC
- Recycling
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 10 | - | - |
1 1
Walk Score®
Walker's Paradise (98)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (89)
Property Taxes
| Parcel Number | 03344-0133 | Improvements Assessment | $1,024,650 |
| Land Assessment | $79,200 | Total Assessment | $1,103,850 |
Property Taxes
Parcel Number
03344-0133
Land Assessment
$79,200
Improvements Assessment
$1,024,650
Total Assessment
$1,103,850
Contacts
-
Derek Bestreich -
Steve Reynolds -
Tom Reynolds -
Brian Davila -
Investment Property Realty Group
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340 Irving Ave
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