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814 Prospect Pl 8 Unit Apartment Building $4,250,000 ($531,250/Unit) 6.88% Cap Rate Brooklyn, NY 11216
INVESTMENT HIGHLIGHTS
- Renovated & Turnkey: The entire building was fully renovated in 2018 and meticulously maintained since.
- Tax Protected: Classified tax class 2B, limiting real estate tax increases to a max of 8% per year and 30% over five years.
- Well-Located: Within blocks of countless café and restaurant options on Nostrand, Bedford, & Franklin Avenues.
- Fully Free Market: The building was destabilized via substantial rehabilitation in 2018 (supporting paperwork available upon request).
- Highly Efficient: Separate utilities, new appliances, and efficient unit layouts translate to low expenses and minimal maintenance.
- Transportation Accessibility: Within blocks of the 2, 3, 4, 5, & S trains, with access to Downtown Brooklyn and the Financial Districtwithin 15 minute
EXECUTIVE SUMMARY
Broker of Record
Cory Rosenthal
License # 10991237833 (NY)
Matthews Real Estate Investment Services, Inc
1600 West End, Ste. 1500 Nashville, TN 37203
(866) 889-0550
Cory Rosenthal
License # 10991237833 (NY)
Matthews Real Estate Investment Services, Inc
1600 West End, Ste. 1500 Nashville, TN 37203
(866) 889-0550
PROPERTY FACTS
| Price | $4,250,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $531,250 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.05 AC |
| Cap Rate | 6.88% | Building Size | 6,540 SF |
| No. Units | 8 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 4 |
| Property Subtype | Apartment | Year Built | 1901 |
| Zoning | R6 / R6A / C2-4 - a medium-density residential zoning district with commercial overlay | ||
| Price | $4,250,000 |
| Price Per Unit | $531,250 |
| Sale Type | Investment |
| Cap Rate | 6.88% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.05 AC |
| Building Size | 6,540 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built | 1901 |
| Zoning | R6 / R6A / C2-4 - a medium-density residential zoning district with commercial overlay |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Microwave
- Heating
- Bay Window
- Tile Floors
- Granite Countertops
- Hardwood Floors
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Yard
- Basement
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 4 | - | - |
| 3+1 | 4 | - | - |
1 1
Walk Score®
Walker's Paradise (98)
Transit Score®
Rider's Paradise (100)
Bike Score®
Biker's Paradise (94)
PROPERTY TAXES
| Parcel Number | 01234-0009 | Improvements Assessment | $800,550 |
| Land Assessment | $9,450 | Total Assessment | $810,000 |
PROPERTY TAXES
Parcel Number
01234-0009
Land Assessment
$9,450
Improvements Assessment
$800,550
Total Assessment
$810,000
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814 Prospect Pl
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