278 Albany Avenue, Crown Heights - Value Add 278 Albany Ave 6 Unit Apartment Building $2,200,000 ($366,667/Unit) 6.51% Cap Rate Brooklyn, NY 11213
INVESTMENT HIGHLIGHTS
- 1) Newly Renovated Apartments, with washer/dryer in unit, new hardwood floors and appliances.
- 4) Located in the Heart of Crown Heights, 1 Block off the 3 Train at Kingston Ave
- 2) Value-Add Opportunity (1 Vacancy) Through Lease-Up
EXECUTIVE SUMMARY
RIPCO Real Estate has been retained on an exclusive basis to arrange for the sale of 278 Albany Avenue in Crown Heights, Brooklyn.
This four-story brick building is situated on the corner of St Johns Place and Albany Avenue. The building features six (6) rent-stabilized apartments above three (3) neighborhood retailers. The corner retail is occupied by the Crown Heights Career Hub, complemented by a Juicery and a barber shop along Albany Avenue. Two of the apartments were recently gut renovated, and one apartment will be delivered vacant. Apartment renovations include: washer/dryer, hardwood floors, modern appliances, updated bathrooms, and more.
278 Albany Avenue is a short walk to many restaurants along Kingston Avenue, as well as Brower Park & St Johns Park, and the Brooklyn Children's Museum. The building is also just two blocks away from Kingston Avenue subway station servicing the 2, 3, 4, and 5 trains. Additionally, it's less than 2 miles from Prospect Park and the Brooklyn Botanical Gardens.
Please reach out to the exclusive brokers with any questions about the opportunity.
This four-story brick building is situated on the corner of St Johns Place and Albany Avenue. The building features six (6) rent-stabilized apartments above three (3) neighborhood retailers. The corner retail is occupied by the Crown Heights Career Hub, complemented by a Juicery and a barber shop along Albany Avenue. Two of the apartments were recently gut renovated, and one apartment will be delivered vacant. Apartment renovations include: washer/dryer, hardwood floors, modern appliances, updated bathrooms, and more.
278 Albany Avenue is a short walk to many restaurants along Kingston Avenue, as well as Brower Park & St Johns Park, and the Brooklyn Children's Museum. The building is also just two blocks away from Kingston Avenue subway station servicing the 2, 3, 4, and 5 trains. Additionally, it's less than 2 miles from Prospect Park and the Brooklyn Botanical Gardens.
Please reach out to the exclusive brokers with any questions about the opportunity.
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$257,439
|
$27.21
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$7,800
|
$0.82
|
| Effective Gross Income |
$249,639
|
$26.39
|
| Taxes |
$38,602
|
$4.08
|
| Operating Expenses |
$47,509
|
$5.02
|
| Total Expenses |
$86,111
|
$9.10
|
| Net Operating Income |
$163,528
|
$17.29
|
PROPERTY FACTS
| Price | $2,200,000 |
| Price Per Unit | $366,667 |
| Sale Type | Investment |
| Cap Rate | 6.51% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.07 AC |
| Building Size | 9,460 SF |
| Average Occupancy | 88% |
| No. Stories | 4 |
| Year Built | 1910 |
| Opportunity Zone |
Yes |
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Washer/Dryer
- Washer/Dryer Hookup
- Heating
- Hardwood Floors
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
1 of 1
Walk Score®
Walker's Paradise (93)
Transit Score®
Rider's Paradise (100)
Bike Score®
Biker's Paradise (90)
PROPERTY TAXES
| Parcel Number | 01258-0042 | Total Assessment | $770,580 (2024) |
| Land Assessment | $12,150 (2024) | Annual Taxes | $38,602 ($4.08/SF) |
| Improvements Assessment | $758,430 (2024) | Tax Year | 2025 |
ZONING
| Zoning Code | R6. C2-3 |
CONTACTS
-
Stephen Preuss -
Brian Whelan -
Mitchel Flaherty -
Kevin Schmitz -
Jonathan Auerbach -
Ripco Real Estate
