447 Hicks St
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447 Hicks St
8 Unit Apartment Building $4,950,000 ($618,750/Unit) 4.31% Cap Rate Brooklyn, NY 11201
Investment Highlights
- In close proximity to Interstate 278
- Close to many Restaurants/Retailers within the neighborhood
- Minutes away from NYC Ferry @ Atlantic Avenue/Pier 6 Brooklyn Bridge Park
- Steps from public transit - 8 different train lines!
- Close to the Columbia Street Waterfront District
- Minutes away from Brooklyn Bridge Park
Executive Summary
AVAILABLE FOR THE 1ST TIME IN 35 YEARS!!!
Located at the cross-roads of SIX dynamic and culturally rich Brooklyn neighborhoods, this premium investment opportunity in Cobble Hill is just minutes from Brooklyn Bridge Park, waterfront attractions and the best of what these neighborhoods have to offer.
This 8-unit building is fully occupied, collecting free-market rents. No rent control or rent stabilization. Tenants pay all utilities.
Offered as a turn-key investment opportunity with fantastic occupancy rates. it is a perfect fit for cash-flow portfolio investors as well as first-timers alike, who may not want to deal with renovation. This also serves as a very stable legacy investment for those looking to deploy capital into an anchor of stability, all the while providing for your next generation of family to occupy one or more units in the future.
The building's infrastructure and individual apartments are all in great condition. New roof, and recent facade repointing. Hard wood floors throughout. Healthy boiler and mechanicals.
10 minutes to NYC Ferry service @ Atlantic Avenue/Pier 6: Brooklyn Bridge Park
8-13 minutes to (8) different train lines
Citibike 1 block away(3) grocery stores within 5 minutes
Please contact us with any questions and for a full setup.
Located at the cross-roads of SIX dynamic and culturally rich Brooklyn neighborhoods, this premium investment opportunity in Cobble Hill is just minutes from Brooklyn Bridge Park, waterfront attractions and the best of what these neighborhoods have to offer.
This 8-unit building is fully occupied, collecting free-market rents. No rent control or rent stabilization. Tenants pay all utilities.
Offered as a turn-key investment opportunity with fantastic occupancy rates. it is a perfect fit for cash-flow portfolio investors as well as first-timers alike, who may not want to deal with renovation. This also serves as a very stable legacy investment for those looking to deploy capital into an anchor of stability, all the while providing for your next generation of family to occupy one or more units in the future.
The building's infrastructure and individual apartments are all in great condition. New roof, and recent facade repointing. Hard wood floors throughout. Healthy boiler and mechanicals.
10 minutes to NYC Ferry service @ Atlantic Avenue/Pier 6: Brooklyn Bridge Park
8-13 minutes to (8) different train lines
Citibike 1 block away(3) grocery stores within 5 minutes
Please contact us with any questions and for a full setup.
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $4,950,000 | Apartment Style | Mid Rise |
| Price Per Unit | $618,750 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.03 AC |
| Cap Rate | 4.31% | Building Size | 4,760 SF |
| Sale Conditions | 1031 Exchange | Average Occupancy | 90% |
| No. Units | 8 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1900 |
| Property Subtype | Apartment |
| Price | $4,950,000 |
| Price Per Unit | $618,750 |
| Sale Type | Investment |
| Cap Rate | 4.31% |
| Sale Conditions | 1031 Exchange |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | C |
| Lot Size | 0.03 AC |
| Building Size | 4,760 SF |
| Average Occupancy | 90% |
| No. Stories | 4 |
| Year Built | 1900 |
Unit Amenities
- Eat-in Kitchen
- Hardwood Floors
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 8 | $3,000 | 550 - 900 |
1 of 1
Walk Score ®
Walker's Paradise (94)
Transit Score ®
Rider's Paradise (100)
Bike Score ®
Biker's Paradise (91)
PROPERTY TAXES
| Parcel Number | 00310-0002 | Total Assessment | $1,042,650 (2024) |
| Land Assessment | $12,600 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $1,030,050 (2024) | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
00310-0002
Land Assessment
$12,600 (2024)
Improvements Assessment
$1,030,050 (2024)
Total Assessment
$1,042,650 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
zoning
| Zoning Code | R6 (R6 - Medium density residential district) |
| R6 (R6 - Medium density residential district) |
-
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