100% Leased Rent-Stabilized Asset with Upside | 245 Martense St
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100% Leased Rent-Stabilized Asset with Upside 245 Martense St
8 Apartment Units Online Auction Sale Brooklyn, NY 11226
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INVESTMENT HIGHLIGHTS
- Four-story, eight-unit apartment building one block from NY 27/Linden Avenue in the heart of the Flatbush, Brooklyn neighborhood in New York City.
- Lucrative, fully occupied investment with noteworthy upside potential through increased rental rates at the legal amount, driving desirable revenue.
- Robust, renter-centric community of 2,582,466 residents living within a 5-mile radius generating an average household income of nearly $100,000.
- Perfectly positioned just a 2-minute walk from Church Avenue Station, with easy access to the 2 and 5 trains and a diverse array of local amenities.
- Accessibly situated within walking distance of popular conveniences including Dunkin’, Target, Planet Fitness, CVS, McDonald’s, Wendy’s, and more.
- Adventurously located by Prospect Park, offering a range of outdoor activities and home to the Prospect Park Zoo and Brooklyn Botanic Garden.
EXECUTIVE SUMMARY
Newmark has been retained on an exclusive basis to arrange for the sale of 245 Martense Street, located in Flatbush, Brooklyn. The four-story brick property is 25 feet wide, tax class 2B protected, and comprises eight apartments spanning 7,260 square feet. The property is a 100% rent-stabilized multifamily building conveniently located between Rogers and Nostrand Avenues, just one block from the public transportation 2 and 5 trains at Church Avenue Station. The asset benefits from being fully occupied while offering a new owner a significant upside as there is a large delta between the collected income and the legal rent amount. There upon potential new vacancies, investors will be able to raise the collected rents on the six units that are currently paying preferential rent boosting profitability.
245 Martense Street is ideally located just off an intersection where the major thoroughfares of New York 27 and Linden Boulevard merge, offering effortless connectivity to a wide range of nearby amenities. Within a quick 1-mile radius, tenants and visitors can appreciate having walkability to household-named businesses, including Dunkin’, Target, Planet Fitness, IHOP, Burlington, Five Below, CVS, Rite Aid, McDonald’s, Wendy’s, WingStop, and numerous locally renowned restaurants and markets. Less than a mile walk away, residents can enjoy the highly reputable Prospect Park, famous for its expansive green spaces, scenic lake, and captivating Long Meadow. The park offers a variety of outdoor activities, from hiking and boating to exploring the Prospect Park Zoo and Brooklyn Botanic Garden, along with many more attractions for all to enjoy.
Surrounding 245 Martense Street is a densely populated, renter-centric community of 2,582,466 residents, bringing home an impressive average household income of about $100,000 within a 5-mile radius of the property. These residents primarily live in 75% of renter-occupied households and have a median age range of 37-39. This vibrant community is home to a bustling workforce of 819,186 employees, many of whom may also require convenient housing options near their places of employment.
245 Martense Street offers a prime investment opportunity, providing steady, passive income with growth potential. A new owner can unlock additional revenue in this highly accessible New York neighborhood by implementing new lease agreements at the heightened legal rent amount.
Property tours are available by appointment only. Please contact the broker to schedule.
245 Martense Street is ideally located just off an intersection where the major thoroughfares of New York 27 and Linden Boulevard merge, offering effortless connectivity to a wide range of nearby amenities. Within a quick 1-mile radius, tenants and visitors can appreciate having walkability to household-named businesses, including Dunkin’, Target, Planet Fitness, IHOP, Burlington, Five Below, CVS, Rite Aid, McDonald’s, Wendy’s, WingStop, and numerous locally renowned restaurants and markets. Less than a mile walk away, residents can enjoy the highly reputable Prospect Park, famous for its expansive green spaces, scenic lake, and captivating Long Meadow. The park offers a variety of outdoor activities, from hiking and boating to exploring the Prospect Park Zoo and Brooklyn Botanic Garden, along with many more attractions for all to enjoy.
Surrounding 245 Martense Street is a densely populated, renter-centric community of 2,582,466 residents, bringing home an impressive average household income of about $100,000 within a 5-mile radius of the property. These residents primarily live in 75% of renter-occupied households and have a median age range of 37-39. This vibrant community is home to a bustling workforce of 819,186 employees, many of whom may also require convenient housing options near their places of employment.
245 Martense Street offers a prime investment opportunity, providing steady, passive income with growth potential. A new owner can unlock additional revenue in this highly accessible New York neighborhood by implementing new lease agreements at the heightened legal rent amount.
Property tours are available by appointment only. Please contact the broker to schedule.
DATA ROOM Click Here to Access
- Operating and Financials
- Purchase Agreement
- Title and Insurance
MARKET ANALYTICS Click Here to Access
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Market Sale Price per Unit
New York - NY USA
Market Cap Rate
New York - NY USA
Market Sale Price per Unit by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per Unit Distribution
Market Cap Rate Distribution
PROPERTY FACTS
| Sale Type | Investment | Apartment Style | Mid Rise |
| Sale Condition | Auction Sale | Building Class | C |
| Type of Ownership | Fee Simple | Lot Size | 0.06 AC |
| No. Units | 8 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1998 |
| Property Subtype | Apartment |
| Sale Type | Investment |
| Sale Condition | Auction Sale |
| Type of Ownership | Fee Simple |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | C |
| Lot Size | 0.06 AC |
| No. Stories | 4 |
| Year Built | 1998 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Oven
- Range
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Walking/Biking Trails
- Public Transportation
- Walk-Up
- Smoke Detector
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Walk Score®
Walker's Paradise (95)
Transit Score®
Rider's Paradise (100)
PROPERTY TAXES
| Parcel Number | 05088-0063 | Improvements Assessment | $388,800 |
| Land Assessment | $9,000 | Total Assessment | $397,800 |
PROPERTY TAXES
Parcel Number
05088-0063
Land Assessment
$9,000
Improvements Assessment
$388,800
Total Assessment
$397,800
ZONING
| Zoning Code | R6 |
| R6 |
SALE ADVISORS
SALE ADVISORS
ABOUT THE AUCTION PLATFORM
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
AUCTION CONTACT
Taylor Cunningham
Contact
Auctioneer License:
Ten-X, Inc. Vibhav Kapila RE Brkr 10991231490
-
Michael Kavanagh -
Caroline Hodes -
Daniel O'Brien -
Newmark
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VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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100% Leased Rent-Stabilized Asset with Upside | 245 Martense St
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