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411 88th St 6 Unit Apartment Building $1,299,000 ($216,500/Unit) 7.68% Cap Rate Brooklyn, NY 11209
INVESTMENT HIGHLIGHTS
- Great Location, Near Train and 86 St Shopping District
EXECUTIVE SUMMARY
Welcome to this exceptional 6-family property in Bay Ridge, one of Brooklyn’s most vibrant and desirable neighborhoods. This remarkable building spans approximately 5,250 square feet and sits on a generous 25' x 120' lot, offering an excellent opportunity for both homeowners and investors alike. With an annual rental income of over $129,000, this property promises solid returns. Apartment 3F will be vacant at closing and can be leased at the legal rate of $2,356, boosting annual income to $135,000 after two-year lease renewals, delivering a strong 7.3% return on investment.
The building features five well-maintained 2-bedroom, 1-bath apartments, plus a 1-bedroom unit on the first floor with exclusive access to a private backyard. Don’t miss this rare chance to own a prime piece of real estate in one of Brooklyn's most sought-after locations!
The building features five well-maintained 2-bedroom, 1-bath apartments, plus a 1-bedroom unit on the first floor with exclusive access to a private backyard. Don’t miss this rare chance to own a prime piece of real estate in one of Brooklyn's most sought-after locations!
FINANCIAL SUMMARY (ACTUAL - 2023) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $1,299,000 | Property Subtype | Apartment |
| Price Per Unit | $216,500 | Apartment Style | Low-Rise |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 7.68% | Lot Size | 0.06 AC |
| Sale Condition | 1031 Exchange | Building Size | 5,250 SF |
| Gross Rent Multiplier | 12.5 | Average Occupancy | 100% |
| No. Units | 6 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1917 |
| Zoning | C4-21 - C4 - Regional commercial center located outside of the central business districts | ||
| Price | $1,299,000 |
| Price Per Unit | $216,500 |
| Sale Type | Investment |
| Cap Rate | 7.68% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 12.5 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.06 AC |
| Building Size | 5,250 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1917 |
| Zoning | C4-21 - C4 - Regional commercial center located outside of the central business districts |
AMENITIES
UNIT AMENITIES
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Tub/Shower
- Yard
SITE AMENITIES
- Vintage Building
- Public Transportation
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 5 | - | - |
| 1+1 | 1 | - | - |
1 1
Walk Score®
Walker's Paradise (98)
Transit Score®
Excellent Transit (89)
Bike Score®
Very Bikeable (70)
PROPERTY TAXES
| Parcel Number | 06050-0061 | Total Assessment | $539,100 (2025) |
| Land Assessment | $8,100 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $531,000 (2025) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
06050-0061
Land Assessment
$8,100 (2025)
Improvements Assessment
$531,000 (2025)
Total Assessment
$539,100 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
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411 88th St
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