577 New Lots Ave
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577 New Lots Ave
11 Unit Apartment Building $2,250,000 ($204,545/Unit) 7.24% Cap Rate Brooklyn, NY 11207
Investment Highlights
- Low Maintenance: Building was renovated in 2015 and has been well maintained since, with no need for short term capital improvements
- Excellent Light & Air: Side and rear air shafts provide units with substantial light and air, allowing for efficient unit layouts
- Protected Tax Class: 2B Tax Class limits tax increase to no more than 8% a year or 30% over 5 years
- Though the 8 residential units are rent stabilized, current leases have preferential rents in place, with ~15% upside in legal rents
- Separate Utilities: Tenants are responsible for their own electric, heat & hot water
- Within 2 blocks of the 3-train at Van Siclen Avenue, offering access to Atlantic Terminal and FiDi within 30-45 minutes
Executive Summary
Corey Rosenthal
License No. 10991237833 (NY)
(866) 889-0550
Matthews Real Estate Investment Services
1600 West End,
Ste. 1500 Nashville, TN 37203
License No. 10991237833 (NY)
(866) 889-0550
Matthews Real Estate Investment Services
1600 West End,
Ste. 1500 Nashville, TN 37203
Property Facts
| Price | $2,250,000 | Apartment Style | Low Rise |
| Price Per Unit | $204,545 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.06 AC |
| Cap Rate | 7.24% | Building Size | 5,778 SF |
| No. Units | 11 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1915 |
| Property Subtype | Apartment |
| Price | $2,250,000 |
| Price Per Unit | $204,545 |
| Sale Type | Investment |
| Cap Rate | 7.24% |
| No. Units | 11 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | B |
| Lot Size | 0.06 AC |
| Building Size | 5,778 SF |
| No. Stories | 3 |
| Year Built | 1915 |
Unit Amenities
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
1 of 1
Walk Score ®
Very Walkable (82)
Transit Score ®
Rider's Paradise (100)
Bike Score ®
Very Bikeable (76)
PROPERTY TAXES
| Parcel Number | 04088-0038 | Improvements Assessment | $274,950 |
| Land Assessment | $8,550 | Total Assessment | $283,500 |
PROPERTY TAXES
Parcel Number
04088-0038
Land Assessment
$8,550
Improvements Assessment
$274,950
Total Assessment
$283,500
zoning
| Zoning Code | R5, Brooklyn |
| R5, Brooklyn |
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DJ Johnston -
Henry Hill -
Jermaine Pugh -
Bryan Kirk -
Bobby Lawrence -
Matthews Real Estate Investment Services
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577 New Lots Ave
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