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381-393 Flatbush Ave
Brooklyn, NY 11238
Multifamily Property For Sale
·
43 Units
Executive Summary
Mixed-Use Multifamily Asset Prime Prospect Heights
Executive Summary: Exceptional opportunity to acquire a cash-flowing mixed-use building with strong in-place income and clear upside potential through rent optimization and repositioning. With residential + retail; total Units: 43 Residential (1 BR, 2 BR, 3 BR) + retail tenancies - Commercial Units: Multiple retail tenants (store, café, restaurant, medical, etc.).
Property Highlights
o Retail Diversification - Stable commercial tenant mix
o Rent Growth Potential - Mark-to-market opportunity on residential units
o Favorable Expense Ratio - Efficient operations under 40%
o Upside Through Renovations
o 16 fully renovated units
o 11 partially renovated
o 5 minimally renovated
Building Specifications
o Additional Development Potential: Significant unused air rights.
o Lot Dimensions: 137.67 ft x 60 ft
o Current Building Area: 35,752 SF
o Max Buildable Area: 65,618 SF
o Zoning / FAR
o Residential FAR: 6.02
o Current FAR: 3.28
Executive Summary: Exceptional opportunity to acquire a cash-flowing mixed-use building with strong in-place income and clear upside potential through rent optimization and repositioning. With residential + retail; total Units: 43 Residential (1 BR, 2 BR, 3 BR) + retail tenancies - Commercial Units: Multiple retail tenants (store, café, restaurant, medical, etc.).
Property Highlights
o Retail Diversification - Stable commercial tenant mix
o Rent Growth Potential - Mark-to-market opportunity on residential units
o Favorable Expense Ratio - Efficient operations under 40%
o Upside Through Renovations
o 16 fully renovated units
o 11 partially renovated
o 5 minimally renovated
Building Specifications
o Additional Development Potential: Significant unused air rights.
o Lot Dimensions: 137.67 ft x 60 ft
o Current Building Area: 35,752 SF
o Max Buildable Area: 65,618 SF
o Zoning / FAR
o Residential FAR: 6.02
o Current FAR: 3.28
Property Facts
| Price Per Unit | $534,884 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.28 AC |
| No. Units | 43 | Building Size | 35,428 SF |
| Property Type | Multifamily | No. Stories | 4 |
| Property Subtype | Apartment | Year Built | 1924 |
| Apartment Style | Mid-Rise | ||
| Zoning | R8X - Prime Location - Steps to Prospect Park -Hot Flatbush 2 Way Commercial Strip-one Block Off Prospect Park Between 8th Avenue & Sterling Place Street Le | ||
| Price Per Unit | $534,884 |
| Sale Type | Investment |
| No. Units | 43 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.28 AC |
| Building Size | 35,428 SF |
| No. Stories | 4 |
| Year Built | 1924 |
| Zoning | R8X - Prime Location - Steps to Prospect Park -Hot Flatbush 2 Way Commercial Strip-one Block Off Prospect Park Between 8th Avenue & Sterling Place Street Le |
Amenities
Unit Amenities
- Kitchen
- Refrigerator
- Oven
- Sprinkler System
- Tub/Shower
- Smoke Free
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Recycling
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 43 | - | - |
Property Taxes
| Parcel Number | 01169-0009 | Improvements Assessment | $3,745,800 |
| Land Assessment | $185,400 | Total Assessment | $3,931,200 |
Property Taxes
Parcel Number
01169-0009
Land Assessment
$185,400
Improvements Assessment
$3,745,800
Total Assessment
$3,931,200
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