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702-704 Eighth Ave 15 Unit Apartment Building $10,500,000 ($700,000/Unit) 6.18% Cap Rate Brooklyn, NY 11215
Investment Highlights
- Turnkey Park Slope Corner Trophy: Renovated 15-Unit 13,531 SF Mixed-use Building with Free Market Units and Medical Retail
- Mostly free market units ranging from 1 beds to 4 beds & have all undergone full gut renovations including HVAC split units & electric washer & dryer
- Full gut renovations on multiple residential units with new leveled flooring, panel-ready kitchens with stainless steel appliances
- Prime corner Park Slope building directly across from New York Presbyterian Hospital with over 130' of frontage on 7th Street & 8th Avenue
- The property includes 13 residential units (9 free market and 4 rent stabilized) and 2 medical retail tenants (Podiatrist and Orthopedics)
- new bathroom tiling and fixtures, split-system HVAC, recessed lighting, and new doors/hardware, building-wide electrical upgrade
Executive Summary
Investment Property Realty Group (IPRG) is pleased to present 704 8th Avenue, a 13,531 SF, 15-unit mixed-use property located at the corner of 8th Avenue and 7th Street in Park Slope, Brooklyn. The building measures approximately 38 ft. x 93 ft. across four stories.
The property includes 13 residential units (9 free market and 4 rent stabilized) and 2 medical retail tenants (Podiatrist and Orthopedics) located directly across the street from New York-Presbyterian Brooklyn Methodist Hospital.
Major renovations have been completed, including:
• Full gut renovations on multiple residential units with new leveled flooring, panel-ready kitchens with stainless steel appliances,
new bathroom tiling and fixtures, split-system HVAC, recessed lighting, and new doors/hardware.
• Building-wide electrical upgrade.
• Common area improvements (tiling, flooring, lighting, painting, and landing designs).
Current gross income is approximately $958K, with pro forma gross income of $977K. At the $10.5M asking price, the property offers
a 6.35% pro forma cap rate.
The property includes 13 residential units (9 free market and 4 rent stabilized) and 2 medical retail tenants (Podiatrist and Orthopedics) located directly across the street from New York-Presbyterian Brooklyn Methodist Hospital.
Major renovations have been completed, including:
• Full gut renovations on multiple residential units with new leveled flooring, panel-ready kitchens with stainless steel appliances,
new bathroom tiling and fixtures, split-system HVAC, recessed lighting, and new doors/hardware.
• Building-wide electrical upgrade.
• Common area improvements (tiling, flooring, lighting, painting, and landing designs).
Current gross income is approximately $958K, with pro forma gross income of $977K. At the $10.5M asking price, the property offers
a 6.35% pro forma cap rate.
Property Facts
| Price | $10,500,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $700,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.09 AC |
| Cap Rate | 6.18% | Building Size | 13,531 SF |
| No. Units | 15 | Average Occupancy | 81% |
| Property Type | Multifamily | No. Stories | 4 |
| Property Subtype | Apartment | Year Built | 1920 |
| Zoning | R7B | ||
| Price | $10,500,000 |
| Price Per Unit | $700,000 |
| Sale Type | Investment |
| Cap Rate | 6.18% |
| No. Units | 15 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.09 AC |
| Building Size | 13,531 SF |
| Average Occupancy | 81% |
| No. Stories | 4 |
| Year Built | 1920 |
| Zoning | R7B |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | - | 500 |
| 2+1 | 4 | - | 500 |
| 2+2 | 3 | - | 500 |
| 3+2 | 3 | - | 500 |
| 4+2 | 2 | - | 500 |
1 1
Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
100/100
Exceptionally bikeable
90/100
Property Taxes
| Parcel Number | 01088-0035 | Improvements Assessment | $1,653,300 |
| Land Assessment | $200,700 | Total Assessment | $1,854,000 |
Property Taxes
Parcel Number
01088-0035
Land Assessment
$200,700
Improvements Assessment
$1,653,300
Total Assessment
$1,854,000
Contacts
-
Luke Sproviero -
Derek Bestreich -
Adam Lobel -
Toby Waring -
Investment Property Realty Group
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702-704 Eighth Ave
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