3 UNIT MULTI-UNIT BUILDING PERFECT FOR INVESTOR OR END-USER
We are pleased to offer for sale 1481 Nostrand Avenue. Located in the Brooklyn neighborhood of Flatbush, a block from bustling Church Avenue station on the 2/5 train, this free-market, 100% occupied building is an opportunity to purchase a turn-key investment with great development potential. Nostrand Avenue is a major Brooklyn corridor and this intersection is heavily trafficked by both cars and people on foot. Offered at just a 6% cap rate, 1481 Nostrand Avenue has three units and two floors. All units are on signed leases with good, strong credit tenants and Seller can provide proof of monthly on-time rental payments. The apartments are each 2bd/1bath, one of which has a washer/dryer. Both units were renovated within the last ten years and the hallway was updated last year. Overall, the building is in excellent condition and is a low-maintenance asset. While landlord is responsible for gas heat, the annual overall bill is low (around $2500) and tenant reimburses 40%. For an investor, this asset is an opportunity to purchase a property with minimal landlord responsibility and strong cashflows from Day 1, and to capitalize on the long-term growth of Brooklyn and this neighborhood. Alternatively, an end-user could purchase this building and eventually use the 1st floor space for its own use and/or live upstairs in the apartments while benefiting from the additional income from the other units. The building is zoned R6 and allows for an FAR of 2.43 which allows for 4860 of buildable SF, more than 2000 SF more than the existing 2800 SF there now. Email for offering memo. Asking $1,315,000 - a 6% cap rate on existing cashflows Huge development potential with over 2000 SF of unused air rights - 2.43 FAR allows for 4860 SF of buildable SF (compared to only 2800 SF there now) Turn-key, 100% occupied, property Just under $80k in NOI from Day 1 Live upstairs and rent out the other floors or keep as an easy investment property Established, credit tenants with proof of good payment history Low-maintenance asset in great condition - very low RE taxes & low maintenance costs Situated in burgeoning Flatbush neighborhood, 1 block from the 2/5 train on major corridor Nostrand Avenue and from bustling Church Avenue/Nostrand Avenue intersection 1st floor space is brand new/just updated and residential hallway was recently updated
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