287 Midwood St Brooklyn, NY 11225

Property Details for 287 Midwood St

Property size

2,000 SF

Property type

Commercial real estate

APN

5033-51

Description

This exceptional value-add opportunity presents a three-unit apartment building located at 287 Midwood Street, Brooklyn, NY 11225. The property boasts a fee simple ownership structure and sits on a 2,000 square foot lot (20.42 feet by 100 feet), zoned R6,C2-3. Currently vacant, the building comprises 2,000 square feet of net rentable space, distributed across three units within a three-story structure. The asking price is $1,150,000, translating to $575 per square foot and $383,333.33 per unit. The building offers significant potential for renovation and expansion. With an existing two-family layout including a finished basement and attic unit, there's over 3,000 square feet of additional usable space, and a total of approximately 5,000 buildable square feet, thanks to 2,000 square feet of available air rights. This prime location in Prospect-Lefferts Gardens offers convenient access to Prospect Park and the 2 & 5 subway lines. The property's current condition presents a compelling value-add opportunity, given that comparable finished properties in the area command approximately $1,000 per square foot. The property's APN is 5033-51. This is an ideal investment for owner-users or investors seeking to capitalize on the high demand for renovated multifamily housing in this desirable Brooklyn neighborhood. The current cap rate is 1.00%.