688 New Lots Avenue 688 New Lots Ave 6 Unit Apartment Building $2,400,000 ($400,000/Unit) 7.13% Cap Rate Brooklyn, NY 11207

688 New Lots Avenue presents a rare opportunity to acquire a 100% free market six-unit mixed-use asset in the rapidly evolving East New York submarket of Brooklyn. The property consists of five residential units and one ground-floor commercial space, generating strong in-place cash flow with a projected proforma cap rate exceeding 8%.
Ideally positioned along a heavily trafficked corridor directly in front of a bus stop and near major transit lines. The asset benefits from consistent residential demand and strong neighborhood retail exposure. Recent upgrades such as updated brick facade, conversion from oil to gas, new 6" sewage line to the street and additional of electric stoves in most of the units offers very minimal deferred maintenance to provide investors with a turnkey, headache free acquisition while still offering meaningful upside through rent optimization upon tenant turnover.
The offering is further enhanced by a vacant unit with conversion potential, as well as the ability to maximize rents through programs such as CityFHEPS. Surrounded by ongoing rezoning initiatives, 688 New Lots Avenue is well-positioned to capitalize on the continued growth and revitalization of East New York. With an attractive basis of approximately $444 per square foot and strong long term fundamentals, this asset represents a compelling blend of stable income and future appreciation potential.
For questions, or to schedule a tour, please contact Lee directly at 516.225.6733 or lee@bridgenyre.com.