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430 Bleecker St & 16-65 Palmetto St 2 Multifamily Properties Offered at $2,975,000 in Multiple Locations
Investment Highlights
- Two 3-story walkup buildings located in Bushwick, Brooklyn, and Ridgewood, Queens.
- Combined 12-unit residential package totaling approximately 10,965 square feet.
- Surrounded by neighborhood retail, dining, and essential services enhancing tenant appeal.
- Fully occupied, with all apartments under rent stabilization ensuring consistent income.
- Exceptional access to public transit with nearby M subway line and Myrtle Avenue corridor.
- Generates $185,885 in net operating income, providing a stable investment opportunity.
Executive Summary
This offering presents an opportunity to acquire two adjacent three-story walkup buildings encompassing a total of twelve residential units in the dynamic neighborhoods of Bushwick, Brooklyn, and Ridgewood, Queens. With a combined building size of approximately 10,965 square feet, these properties are both fully occupied and consist entirely of rent-stabilized apartments, providing stable and predictable cash flow for investors.
Positioned within culturally vibrant communities, the assets benefit from high demand for rental housing driven by strong population growth and urban renewal initiatives in Bushwick and Ridgewood. Both properties are within close proximity to Myrtle Avenue’s retail corridor and are served by the M subway line, ensuring excellent connectivity to Manhattan and surrounding boroughs.
The buildings deliver a net operating income of approximately $185,885 annually, creating a compelling platform for long-term investment. Nearby amenities include local shops, markets, dining options, and multiple transit lines, enhancing the desirability of these locations for tenants. Priced at $2,975,000, this package offers investors immediate in-place income and the potential for future upside through steady neighborhood appreciation.
Positioned within culturally vibrant communities, the assets benefit from high demand for rental housing driven by strong population growth and urban renewal initiatives in Bushwick and Ridgewood. Both properties are within close proximity to Myrtle Avenue’s retail corridor and are served by the M subway line, ensuring excellent connectivity to Manhattan and surrounding boroughs.
The buildings deliver a net operating income of approximately $185,885 annually, creating a compelling platform for long-term investment. Nearby amenities include local shops, markets, dining options, and multiple transit lines, enhancing the desirability of these locations for tenants. Priced at $2,975,000, this package offers investors immediate in-place income and the potential for future upside through steady neighborhood appreciation.
Property Facts
| Price | $2,975,000 | Number of Properties | 2 |
| Price / SF | $271.32 / SF | Individually For Sale | 1 |
| Cap Rate | 6.25% | Total Building Size | 10,965 SF |
| Sale Type | Investment | Total Land Area | 0.12 AC |
| Status | Active |
| Price | $2,975,000 |
| Price / SF | $271.32 / SF |
| Cap Rate | 6.25% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 1 |
| Total Building Size | 10,965 SF |
| Total Land Area | 0.12 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
| 430 Bleecker St, Brooklyn, NY 11237 | Multifamily | 5,355 SF | 1931 | $1,200,000 |
| 1665 Palmetto St, Ridgewood, NY 11385 | Multifamily | 5,610 SF | 1930 | - |
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