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423 16th St 16 Unit Apartment Building $8,500,000 ($531,250/Unit) Brooklyn, NY 11215
INVESTMENT HIGHLIGHTS
- 93% Fair Market with one vacant Rent-Stabilized unit
- Prime Park Slope location, steps to Prospect Park
- Recently renovated 12 free-market units featuring high ceilings, modern finishes, hardwood floors, stainless-steel appliances and washer/dryers
- Larger Two & Three-bedroom apartments offering an attractive unit mix
EXECUTIVE SUMMARY
Avison Young, as the exclusive agent, is pleased to offer for sale 423 16th Street (the “Property”), a 4-story, 41’ walk-up building located on the north side of 16th Street between Prospect Park West and 8th Avenue in Park Slope. The Property spans approximately 11,668 ± square feet and consists of sixteen (16) residential units. Of the residential units, fifteen (15) are free market and one (1) is rent-stabilized which is currently vacant. The unit mix consists of ten (10) 2BD/1BA, four (4) 3BD/1BA and two (2) 1BD/1BA.
A majority of the free-market units and common areas were recently renovated with modern kitchens custom cabinetry, full-size dishwashers and stainless-steel appliances throughout. Additionally, twelve (12) of the residential units are stocked with unit washer/dryers. Located just one block from Prospect Park and the 15th Street–Prospect Park Subway Station (servicing the F and G trains), 423 16th Street offers exceptional convenience with quick access to both Downtown Brooklyn and Manhattan. The nearby B/Q trains at Prospect Park Station also provide additional connectivity across the city.
423 16th Street offers investors stable in-place cash flow with additional upside through a light renovation or mark-to-market strategy, requiring minimal capital investment in one of Brooklyn’s most supply-constrained and highly sought-after neighborhoods.
A majority of the free-market units and common areas were recently renovated with modern kitchens custom cabinetry, full-size dishwashers and stainless-steel appliances throughout. Additionally, twelve (12) of the residential units are stocked with unit washer/dryers. Located just one block from Prospect Park and the 15th Street–Prospect Park Subway Station (servicing the F and G trains), 423 16th Street offers exceptional convenience with quick access to both Downtown Brooklyn and Manhattan. The nearby B/Q trains at Prospect Park Station also provide additional connectivity across the city.
423 16th Street offers investors stable in-place cash flow with additional upside through a light renovation or mark-to-market strategy, requiring minimal capital investment in one of Brooklyn’s most supply-constrained and highly sought-after neighborhoods.
PROPERTY FACTS
| Price | $8,500,000 | Building Class | C |
| Price Per Unit | $531,250 | Lot Size | 0.10 AC |
| Sale Type | Investment | Building Size | 11,668 SF |
| No. Units | 16 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 4 |
| Property Subtype | Apartment | Year Built | 1920 |
| Apartment Style | Mid-Rise | ||
| Zoning | R6B - R6B As a contextual district, buildings developed in R6B Zoning must comply with Quality Housing Program Regulations. | ||
| Price | $8,500,000 |
| Price Per Unit | $531,250 |
| Sale Type | Investment |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.10 AC |
| Building Size | 11,668 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built | 1920 |
| Zoning | R6B - R6B As a contextual district, buildings developed in R6B Zoning must comply with Quality Housing Program Regulations. |
AMENITIES
UNIT AMENITIES
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Package Service
- Public Transportation
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 16 | - | 648 - 942 |
1 1
Walk Score®
Walker's Paradise (97)
Transit Score®
Rider's Paradise (100)
Bike Score®
Biker's Paradise (90)
PROPERTY TAXES
| Parcel Number | 01105-0061 | Improvements Assessment | $747,900 |
| Land Assessment | $47,250 | Total Assessment | $795,150 |
PROPERTY TAXES
Parcel Number
01105-0061
Land Assessment
$47,250
Improvements Assessment
$747,900
Total Assessment
$795,150
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423 16th St
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