A rare opportunity to own a 6-family property in the heart of Gravesend. This large, 3-story, six-unit, all brick, pre-war, attached, multi-family building was erected in 1927 sitting on a 2,500 square foot lot with 6,450 total square feet in the interior. The building size is 25’ x 86’. There are two units per floor and five of those units are well-lit, 817 square-foot, two bedroom apartments. The ground floor front unit is a 639 square foot 1-bedroom apartment with plenty of windows letting in an abundance of natural light. Currently, five units are vacant and the sixth unit will be delivered vacant.
This building has a full basement with a separate, locked, storage-area and plenty of space to create a coin-operated laundry room. The roof can be easily upgraded to provide an outdoor deck if you so choose and several apartments have been partially renovated.
The roof (2006), boiler (2012), building’s electric wiring (2006), and windows (2003) have been replaced and are in great condition. The brick facade was repointed. One apartment is rent destabilized, another is very close to the requirement, and four are rent stabilized. But according to the details which we will be happy to provide, the new projected rents are market competitive and offer a projected cap rate of 5% which is a rare gem in this area. The New York State Division of Housing and Community Renewal has all the guidelines as to how your own improvements can enhance your rental income.
Located three short blocks from the Avenue P, F-train station, two short blocks from Ocean Parkway, and close to shopping and houses of worship, this location super convenient to all necessities and is an excellent opportunity for the right person.
Call us for our projections and analysis based on actual 2018 expenses and 2019 estimations. This is an excellent opportunity for investment whether your goal is maintaining this as a rental property or converting into a boutique condominium.
Listing courtesy of Century 21 MK Realty
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