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40 Schaefer St 10 Unit Apartment Building $5,500,000 ($550,000/Unit) 5.64% Cap Rate Brooklyn, NY 11207
Investment Highlights
- Built 2025
- Approved condo book / offering plan
- Elevator building
- 10 units newly renovated
- Between two of Brooklyn's most popular neighborhoods — Bedford-Stuyvesant and Bushwick.
- Roof Terrace with Manhattan skyline views
Executive Summary
Welcome to 40 Schaefer Street, a ground-up new development nestled between two of Brooklyn's most popular neighborhoods — Bedford-Stuyvesant and Bushwick. Comes with APPROVED CONDO BOOK / OFFERING PLAN.
This boutique building features 10 spacious one-bedroom, one-bathroom residences, including two duplexes, one with a private garden. Sun-splashed interiors shine with wide-plank hardwood floors, floor-to-ceiling Pella windows and tall ceilings with recessed lighting. Enjoy large living/dining areas and open gourmet kitchens finished with sleek cabinetry, stainless steel appliances and waterfall peninsulas with bar seating. Inside the large bedrooms, you'll find wide reach-in closets and enough room for seating or home office areas. Beautiful bathrooms impress with swaths of floor-to-ceiling tile, tub/showers with glass doors and contemporary vanities. In-unit washer-dryers, roomy coat closets and central HVAC add comfort and ease to these all-new Brooklyn homes.
40 Schaefer Street is a new boutique property featuring a handsome brick façade that melds seamlessly with the surrounding streetscape. Residents enjoy just two units per floor, an elevator, a convenient garbage chute, in-unit laundry and a common roof deck with spectacular Manhattan skyline views.
Located on a tree-lined residential street where Bedford-Stuyvesant meets Bushwick, this exceptional building is surrounded by some of Brooklyn's best art, shopping, dining and nightlife. Massive Highland Park and Ridgewood Reservoir are less than a mile away, offering gorgeous views, picnic areas, ball fields and courts. Transportation from this vibrant neighborhood is effortless thanks to J/Z, L and A/C trains, excellent bus service and CitiBikes within easy reach.
This boutique building features 10 spacious one-bedroom, one-bathroom residences, including two duplexes, one with a private garden. Sun-splashed interiors shine with wide-plank hardwood floors, floor-to-ceiling Pella windows and tall ceilings with recessed lighting. Enjoy large living/dining areas and open gourmet kitchens finished with sleek cabinetry, stainless steel appliances and waterfall peninsulas with bar seating. Inside the large bedrooms, you'll find wide reach-in closets and enough room for seating or home office areas. Beautiful bathrooms impress with swaths of floor-to-ceiling tile, tub/showers with glass doors and contemporary vanities. In-unit washer-dryers, roomy coat closets and central HVAC add comfort and ease to these all-new Brooklyn homes.
40 Schaefer Street is a new boutique property featuring a handsome brick façade that melds seamlessly with the surrounding streetscape. Residents enjoy just two units per floor, an elevator, a convenient garbage chute, in-unit laundry and a common roof deck with spectacular Manhattan skyline views.
Located on a tree-lined residential street where Bedford-Stuyvesant meets Bushwick, this exceptional building is surrounded by some of Brooklyn's best art, shopping, dining and nightlife. Massive Highland Park and Ridgewood Reservoir are less than a mile away, offering gorgeous views, picnic areas, ball fields and courts. Transportation from this vibrant neighborhood is effortless thanks to J/Z, L and A/C trains, excellent bus service and CitiBikes within easy reach.
Financial Summary (Pro Forma - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$402,000
|
$40.02
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$402,000
|
$40.02
|
| Taxes |
$69,576
|
$6.93
|
| Operating Expenses |
$11,700
|
$1.16
|
| Total Expenses |
$81,276
|
$8.09
|
| Net Operating Income |
$320,724
|
$31.93
|
Financial Summary (Pro Forma - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $402,000 |
| Annual Per SF | $40.02 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $402,000 |
| Annual Per SF | $40.02 |
| Taxes | |
|---|---|
| Annual | $69,576 |
| Annual Per SF | $6.93 |
| Operating Expenses | |
|---|---|
| Annual | $11,700 |
| Annual Per SF | $1.16 |
| Total Expenses | |
|---|---|
| Annual | $81,276 |
| Annual Per SF | $8.09 |
| Net Operating Income | |
|---|---|
| Annual | $320,724 |
| Annual Per SF | $31.93 |
Property Facts
| Price | $5,500,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $550,000 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.06 AC |
| Cap Rate | 5.64% | Building Size | 10,045 SF |
| No. Units | 10 | No. Stories | 5 |
| Property Type | Multifamily | Year Built | 2025 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | R6 - R6 - Medium density residential district | ||
| Price | $5,500,000 |
| Price Per Unit | $550,000 |
| Sale Type | Investment |
| Cap Rate | 5.64% |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.06 AC |
| Building Size | 10,045 SF |
| No. Stories | 5 |
| Year Built | 2025 |
| Opportunity Zone |
Yes |
| Zoning | R6 - R6 - Medium density residential district |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Dishwasher
- Microwave
- Washer/Dryer
- Heating
- Eat-in Kitchen
- Kitchen
- Hardwood Floors
- Refrigerator
- Stainless Steel Appliances
- Tub/Shower
- Views
- Wi-Fi
- Yard
- Double Pane Windows
- Intercom
- Island Kitchen
- Lawn
- Large Bedrooms
- Floor to Ceiling Windows
Site Amenities
- Fenced Lot
- Disposal Chutes
- Wi-Fi
- Elevator
- Public Transportation
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | - | - |
| 1+1 | 9 | - | - |
Walk Score®
Walker's Paradise (93)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (70)
Property Taxes
| Parcel Number | 03426-0026 | Total Assessment | $667,800 |
| Land Assessment | $83,700 | Annual Taxes | $69,576 ($6.93/SF) |
| Improvements Assessment | $584,100 | Tax Year | 2025 |
Property Taxes
Parcel Number
03426-0026
Land Assessment
$83,700
Improvements Assessment
$584,100
Total Assessment
$667,800
Annual Taxes
$69,576 ($6.93/SF)
Tax Year
2025
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40 Schaefer St
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