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428 Wythe Ave 34 Unit Apartment Building $40,000,000 ($1,176,471/Unit) 7.50% Cap Rate Brooklyn, NY 11249
INVESTMENT HIGHLIGHTS
- Recent New Construction
- Low Expenses
- Tax Abatement
- Cash Flowing
EXECUTIVE SUMMARY
Trophy mixed-use asset in the core of South Williamsburg
37 luxury units + 19,670 SF commercial, fully leased to high-quality tenants
421-a + ICAP exemptions delivering elite expense protection
Strong in-place cap rate with material upside in market-rate units
Premier corner visibility at Wythe Ave & South 6th Street
Assumable mortgage enhances deal efficiency and returns
37 luxury units + 19,670 SF commercial, fully leased to high-quality tenants
421-a + ICAP exemptions delivering elite expense protection
Strong in-place cap rate with material upside in market-rate units
Premier corner visibility at Wythe Ave & South 6th Street
Assumable mortgage enhances deal efficiency and returns
PROPERTY FACTS
| Price | $40,000,000 | Building Class | B |
| Price Per Unit | $1,176,471 | Lot Size | 0.32 AC |
| Sale Type | Investment | Building Size | 34,000 SF |
| Cap Rate | 7.50% | Average Occupancy | 100% |
| No. Units | 34 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 2021 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Mid-Rise | ||
| Zoning | C4-3 - Regional commercial center located outside of the central business districts | ||
| Price | $40,000,000 |
| Price Per Unit | $1,176,471 |
| Sale Type | Investment |
| Cap Rate | 7.50% |
| No. Units | 34 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.32 AC |
| Building Size | 34,000 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built | 2021 |
| Opportunity Zone |
Yes |
| Zoning | C4-3 - Regional commercial center located outside of the central business districts |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 9 | - | - |
| 1+1 | 20 | - | - |
| 2+2 | 5 | - | - |
1 1
Walk Score®
Walker's Paradise (97)
Transit Score®
Rider's Paradise (98)
Bike Score®
Biker's Paradise (95)
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428 Wythe Ave
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