Price Reduction 5501 5th Ave 8 Unit Apartment Building $3,200,000 ($400,000/Unit) 5.97% Cap Rate Brooklyn, NY 11220
INVESTMENT HIGHLIGHTS
- Long Term tenancies.
- Below market rents.
- Well maintained.
EXECUTIVE SUMMARY
Prime Investment Opportunity in the Heart of Sunset Park!
Address: 5501 5th Avenue, Brooklyn, NY
Asking Price: $3,250,000
Contact Alex at 772-985-2577 to Schedule an Inspection and Discuss Lending Options.
Property Highlights:
Well-maintained building with excellent rental history
Six occupied apartments, offering immediate cash flow
Two units have preferential rents, providing significant legal upside
Desirable location in the heart of Sunset Park
Potential for long-term appreciation and rental growth
Attractive cap rate of 5.87%. Don't miss out on this exceptional investment opportunity!
Property Details:
This prime investment property is located at 5501 5th Avenue in the sought-after neighborhood of Sunset Park, Brooklyn. The well-maintained building features six rent stabilized apartments, all currently occupied, ensuring immediate rental income for the new owner.
One of the key advantages of this property is the presence of two units with preferential rents, currently $800 and $1000 below their legal DHCR rent. This offers substantial legal upside and the potential to increase rental income significantly upon vacancy.
Sunset Park is known for its vibrant community, convenient amenities, and proximity to transportation. With a strong demand for housing in this desirable location, the property presents an excellent opportunity for long-term appreciation and rental growth.
The asking price for this investment property is $3,200,000, with a competitive cap rate of 5.75%. This attractive investment package, coupled with the property's well-maintained units and strong rental history, makes it an ideal choice for astute investors.
Call Alex at 772-985-2577 to schedule an inspection and discuss possible lending options. However, please refrain from speaking with tenants or discussing the sale with them to maintain confidentiality and avoid any disruptions.
Don't let this prime investment opportunity slip away! Contact us today to secure your future in the thriving Sunset Park neighborhood.
Address: 5501 5th Avenue, Brooklyn, NY
Asking Price: $3,250,000
Contact Alex at 772-985-2577 to Schedule an Inspection and Discuss Lending Options.
Property Highlights:
Well-maintained building with excellent rental history
Six occupied apartments, offering immediate cash flow
Two units have preferential rents, providing significant legal upside
Desirable location in the heart of Sunset Park
Potential for long-term appreciation and rental growth
Attractive cap rate of 5.87%. Don't miss out on this exceptional investment opportunity!
Property Details:
This prime investment property is located at 5501 5th Avenue in the sought-after neighborhood of Sunset Park, Brooklyn. The well-maintained building features six rent stabilized apartments, all currently occupied, ensuring immediate rental income for the new owner.
One of the key advantages of this property is the presence of two units with preferential rents, currently $800 and $1000 below their legal DHCR rent. This offers substantial legal upside and the potential to increase rental income significantly upon vacancy.
Sunset Park is known for its vibrant community, convenient amenities, and proximity to transportation. With a strong demand for housing in this desirable location, the property presents an excellent opportunity for long-term appreciation and rental growth.
The asking price for this investment property is $3,200,000, with a competitive cap rate of 5.75%. This attractive investment package, coupled with the property's well-maintained units and strong rental history, makes it an ideal choice for astute investors.
Call Alex at 772-985-2577 to schedule an inspection and discuss possible lending options. However, please refrain from speaking with tenants or discussing the sale with them to maintain confidentiality and avoid any disruptions.
Don't let this prime investment opportunity slip away! Contact us today to secure your future in the thriving Sunset Park neighborhood.
FINANCIAL SUMMARY (ACTUAL - 2023) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$261,515
|
$40.53
|
| Other Income |
$8,653
|
$1.34
|
| Vacancy Loss |
$13,076
|
$2.03
|
| Effective Gross Income |
$257,092
|
$39.84
|
| Taxes |
$25,012
|
$3.88
|
| Operating Expenses |
$41,150
|
$6.38
|
| Total Expenses |
$66,162
|
$10.25
|
| Net Operating Income |
$190,930
|
$29.59
|
PROPERTY FACTS
| Price | $3,200,000 |
| Price Per Unit | $400,000 |
| Sale Type | Investment |
| Cap Rate | 5.97% |
| Gross Rent Multiplier | 12.11 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.04 AC |
| Building Size | 6,453 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built | 1931 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 3+1 | 6 | - | 800 |
1 of 1
Walk Score®
Walker's Paradise (95)
Transit Score®
Rider's Paradise (95)
Bike Score®
Very Bikeable (80)
PROPERTY TAXES
| Parcel Number | 00832-0008 | Total Assessment | $330,480 (2024) |
| Land Assessment | $16,200 (2024) | Annual Taxes | $25,012 ($3.88/SF) |
| Improvements Assessment | $314,280 (2024) | Tax Year | 2023 |
ZONING
| Zoning Code | C4-3A (Regional commercial center located outside of the central business districts) |
