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93-95 India St 20 Unit Apartment Building $6,700,000 ($335,000/Unit) 6.03% Cap Rate Brooklyn, NY 11222
Investment Highlights
- Greenpoint 20-Unit | 85% Free Market Revenue | Recently Renovated with Remaining Upside
- The building has undergone significant capital improvements, with common areas and 12 of the 20 apartments fully gut renovate
- Given the supply-constrained nature of the New York City rental market and continued demand in the area, there is a clear path for further rent growth
- Located in the heart of Greenpoint, between Franklin Street and Manhattan Avenue the property is built 50 ft x 88 ft on a 50 ft x 100 ft lot
- These units are achieving free market rents, bringing the property to 60% free market by unit count and 85% free market by revenue
- Several units feature unique layouts and amenities
Executive Summary
Investment Property Realty Group (IPRG) has been exclusively retained to arrange the sale of 93–95 India Street, a 20-unit apartment building located in the heart of Greenpoint, between Franklin Street and Manhattan Avenue. The property is built 50 ft. x 88 ft. on a 50 ft. x 100 ft. lot.
The building has undergone significant capital improvements, with common areas and 12 of the 20 apartments fully gut renovated. These units are achieving free market rents, bringing the property to 60% free market by unit count and 85% free market by revenue. Given the supply-constrained nature of the New York City rental market and continued demand in the area, there is a clear path for further rent growth.
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Several units feature unique layouts and amenities, including two ground-floor duplex apartments, one ground-floor unit with exclusive access to the backyard via a private internal door and deck, and three top-floor units with internal stair bulkheads leading to private, fenced roof decks.
The asset benefits from a predictable expense profile, with real estate taxes fully allocated at approximately 29% of gross revenue. As Greenpoint continues to establish itself as one of Brooklyn’s premier residential neighborhoods, 93–95 India Street presents an opportunity to acquire a well-capitalized, largely repositioned mid-sized apartment building with in-place cash flow and remaining upside in a strong rental market.
The building has undergone significant capital improvements, with common areas and 12 of the 20 apartments fully gut renovated. These units are achieving free market rents, bringing the property to 60% free market by unit count and 85% free market by revenue. Given the supply-constrained nature of the New York City rental market and continued demand in the area, there is a clear path for further rent growth.
.
Several units feature unique layouts and amenities, including two ground-floor duplex apartments, one ground-floor unit with exclusive access to the backyard via a private internal door and deck, and three top-floor units with internal stair bulkheads leading to private, fenced roof decks.
The asset benefits from a predictable expense profile, with real estate taxes fully allocated at approximately 29% of gross revenue. As Greenpoint continues to establish itself as one of Brooklyn’s premier residential neighborhoods, 93–95 India Street presents an opportunity to acquire a well-capitalized, largely repositioned mid-sized apartment building with in-place cash flow and remaining upside in a strong rental market.
Property Facts
| Price | $6,700,000 | Building Class | C |
| Price Per Unit | $335,000 | Lot Size | 0.12 AC |
| Sale Type | Investment | Building Size | 17,600 SF |
| Cap Rate | 6.03% | Average Occupancy | 95% |
| No. Units | 20 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1926 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Mid-Rise | ||
| Zoning | R6 Brooklyn(C1) - Medium density residential zoning district. | ||
| Price | $6,700,000 |
| Price Per Unit | $335,000 |
| Sale Type | Investment |
| Cap Rate | 6.03% |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.12 AC |
| Building Size | 17,600 SF |
| Average Occupancy | 95% |
| No. Stories | 4 |
| Year Built | 1926 |
| Opportunity Zone |
Yes |
| Zoning | R6 Brooklyn(C1) - Medium density residential zoning district. |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Heating
- Range
- Patio
Site Amenities
- 24 Hour Access
- Controlled Access
- Smoke Free
- Walk-Up
- Smoke Detector
1 1
Exceptionally walkable
100/100
Fairly drivable
40/100
Exceptional public transit
100/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 02532-0066 | Improvements Assessment | $1,624,050 |
| Land Assessment | $168,750 | Total Assessment | $1,792,800 |
Property Taxes
Parcel Number
02532-0066
Land Assessment
$168,750
Improvements Assessment
$1,624,050
Total Assessment
$1,792,800
Contacts
-
Derek Bestreich -
Luke Sproviero -
Corey Haynes -
Thomas Ventura -
Sal Monteverde -
Investment Property Realty Group
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93-95 India St
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