518 E 51ST ST 518 E 51st St 6 Unit Apartment Building $1,500,000 ($250,000/Unit) 7.33% Cap Rate Brooklyn, NY 11203
INVESTMENT HIGHLIGHTS
- Excellent Light & Air: Side and rear air shafts provide units with substantial light and air, allowing for efficient unit layouts.
- Great Retail Nearby: Close proximity to the Utica Avenue and Church Avenue retail corridors.
- Return / Basis: Opportunity for an investor to pick up a cash flowing asset at a low basis for over a 7.25% cap rate.
- Protected Tax Class: 2A Tax Class limits tax increase to no more than 8% a year or 30% over 5 years.
- Parking / Curb Cut: Driveway allows for two parking spots, offering the potential for additional revenue.
EXECUTIVE SUMMARY
Broker of Record
Cory Rosenthal
License No. 10991237833 (NY)
(866) 889-0550
Matthews Real Estate Investment Services, Inc
1600 West End,
Ste. 1500 Nashville, TN 37203
Cory Rosenthal
License No. 10991237833 (NY)
(866) 889-0550
Matthews Real Estate Investment Services, Inc
1600 West End,
Ste. 1500 Nashville, TN 37203
PROPERTY FACTS
| Price | $1,500,000 |
| Price Per Unit | $250,000 |
| Sale Type | Investment |
| Cap Rate | 7.33% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | B |
| Lot Size | 0.07 AC |
| Building Size | 5,712 SF |
| Average Occupancy | 83% |
| No. Stories | 3 |
| Year Built | 1920 |
| Zoning | R5 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 6 | - | 450 |
1 of 1
Walk Score®
Walker's Paradise (92)
Transit Score®
Excellent Transit (72)
PROPERTY TAXES
| Parcel Number | 04722-0027 | Improvements Assessment | $261,900 |
| Land Assessment | $4,500 | Total Assessment | $266,400 |
CONTACTS
-
Bryan Kirk -
Jermaine Pugh -
DJ Johnston -
Bobby Lawrence -
Robert Moore -
Matthews Real Estate Investment Services
