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55 Stanhope St 8 Unit Apartment Building $4,500,000 ($562,500/Unit) 5.42% Cap Rate Brooklyn, NY 11221
INVESTMENT HIGHLIGHTS
- Not Subject to Good Cause Eviction
- Protected 2B Tax Class
- Free Market Apartments
EXECUTIVE SUMMARY
Investment Property Realty Group (IPRG) has been exclusively retained to sell 55 Stanhope Street. The subject property is located between Evergreen Avenue and Central Avenue in the Bushwick neighborhood of Brooklyn.
Built in 2016 as a protected 2B tax class new building, the property offers 8 free market apartments that are not subject to Good Cause Eviction. Each unit has separate utilities including heat/hot water and wall mounted AC units. The basement contains laundry machines for use by tenants. This investment provides strong, consistent cash flow with the opportunity to increase under market rents for long term appreciation.
The property is located within walking distance to the J, Z, M and L subway lines for easy access to Manhattan. There is also an abundance of strong retail along Knickerbocker Avenue, Myrtle Avenue and Broadway.
Built in 2016 as a protected 2B tax class new building, the property offers 8 free market apartments that are not subject to Good Cause Eviction. Each unit has separate utilities including heat/hot water and wall mounted AC units. The basement contains laundry machines for use by tenants. This investment provides strong, consistent cash flow with the opportunity to increase under market rents for long term appreciation.
The property is located within walking distance to the J, Z, M and L subway lines for easy access to Manhattan. There is also an abundance of strong retail along Knickerbocker Avenue, Myrtle Avenue and Broadway.
PROPERTY FACTS
| Price | $4,500,000 | Apartment Style | Low-Rise |
| Price Per Unit | $562,500 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.06 AC |
| Cap Rate | 5.42% | Building Size | 6,103 SF |
| Gross Rent Multiplier | 13.35 | No. Stories | 3 |
| No. Units | 8 | Year Built | 2014 |
| Property Type | Multifamily | Opportunity Zone |
Yes
|
| Property Subtype | Apartment | ||
| Zoning | R6 | ||
| Price | $4,500,000 |
| Price Per Unit | $562,500 |
| Sale Type | Investment |
| Cap Rate | 5.42% |
| Gross Rent Multiplier | 13.35 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.06 AC |
| Building Size | 6,103 SF |
| No. Stories | 3 |
| Year Built | 2014 |
| Opportunity Zone |
Yes |
| Zoning | R6 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 8 | - | 650 - 740 |
1 1
Walk Score®
Walker's Paradise (94)
Transit Score®
Rider's Paradise (100)
Bike Score®
Biker's Paradise (90)
PROPERTY TAXES
| Parcel Number | 03254-0071 | Improvements Assessment | $381,600 |
| Land Assessment | $45,000 | Total Assessment | $426,600 |
PROPERTY TAXES
Parcel Number
03254-0071
Land Assessment
$45,000
Improvements Assessment
$381,600
Total Assessment
$426,600
CONTACTS
-
Brian Davila -
Derek Bestreich -
Steve Reynolds -
Tom Reynolds -
Investment Property Realty Group
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55 Stanhope St
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