934 Sterling Pl
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934 Sterling Pl
8 Unit Apartment Building $1,850,000 ($231,250/Unit) 7% Cap Rate Brooklyn, NY 11216
Investment Highlights
- The building is 22.75 x 90 with windows across all sides.
- 1 Free market unit, 4 of 8 units have preferential rents providing future upside upon units
Executive Summary
Matheos Realty Group has been retained to exclusively represent the ownership in the sale of 934 Sterling Place, a four-story brownstone multifamily building situated at the corner of Sterling Place and New York Ave in the historic district of Crown Heights North, Brooklyn. Crown Heights, centrally located in Brooklyn, New York.. This 7,516-square-foot building comprises eight apartments, seven of which are rent-stabilized, and one is a free market unit. The apartments include two- and three-bedroom units, featuring abundant windows and natural light. The property falls under the protected tax class 2B due to its size, resulting in an annual tax bill of $15,041. It currently generates approximately $177,278 in gross income and $127,991 in net operating income. Crown Heights is evolving, blending preservation with modern development. The neighborhood has experienced an influx of new residents, businesses, and amenities, enhancing its economic vitality while preserving its historical charm. The property offers convenient access to several subway lines, including the 2, 3, 4, and 5, ensuring easy connectivity to other parts of Brooklyn and Manhattan.
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$177,278
|
$23.59
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$3,546
|
$0.47
|
| Effective Gross Income |
$173,732
|
$23.11
|
| Taxes |
$15,041
|
$2.00
|
| Operating Expenses |
$30,700
|
$4.08
|
| Total Expenses |
$45,741
|
$6.09
|
| Net Operating Income |
$127,991
|
$17.03
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $177,278 |
| Annual Per SF | $23.59 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $3,546 |
| Annual Per SF | $0.47 |
| Effective Gross Income | |
|---|---|
| Annual | $173,732 |
| Annual Per SF | $23.11 |
| Taxes | |
|---|---|
| Annual | $15,041 |
| Annual Per SF | $2.00 |
| Operating Expenses | |
|---|---|
| Annual | $30,700 |
| Annual Per SF | $4.08 |
| Total Expenses | |
|---|---|
| Annual | $45,741 |
| Annual Per SF | $6.09 |
| Net Operating Income | |
|---|---|
| Annual | $127,991 |
| Annual Per SF | $17.03 |
Property Facts
| Price | $1,850,000 | Apartment Style | Mid Rise |
| Price Per Unit | $231,250 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.05 AC |
| Cap Rate | 7% | Building Size | 7,516 SF |
| No. Units | 8 | No. Stories | 4 |
| Property Type | Multifamily | Year Built/Renovated | 1905/2018 |
| Property Subtype | Apartment |
| Price | $1,850,000 |
| Price Per Unit | $231,250 |
| Sale Type | Investment |
| Cap Rate | 7% |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | C |
| Lot Size | 0.05 AC |
| Building Size | 7,516 SF |
| No. Stories | 4 |
| Year Built/Renovated | 1905/2018 |
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Walk Score ®
Walker's Paradise (97)
Transit Score ®
Rider's Paradise (100)
Bike Score ®
Biker's Paradise (93)
PROPERTY TAXES
| Parcel Number | 01248-0041 | Total Assessment | $794,340 |
| Land Assessment | $10,800 | Annual Taxes | $15,041 ($2.00/SF) |
| Improvements Assessment | $783,540 | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
01248-0041
Land Assessment
$10,800
Improvements Assessment
$783,540
Total Assessment
$794,340
Annual Taxes
$15,041 ($2.00/SF)
Tax Year
2024
zoning
| Zoning Code | R6 |
| R6 |
-
Isaiah Thomas -
Peter Matheos -
Matheos Realty
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