58 Greene Ave Brooklyn, NY 11238-1081

Property Details for 58 Greene Ave

Year built

1931

Lot size

0.05 lot acres

Property size

3,760 SF

Zone code

R6B

Property type

Apartment buildings

APN

01958-0021

APU

19580021

Description

This stunning 1860s Italianate brownstone at 58 Greene Avenue in Fort Greene, Brooklyn offers a unique investment opportunity. The 4,700 square foot, five-story building sits on a 2,000 square foot lot and is currently configured as a four-family dwelling with a triplex owner's unit and two two-bedroom, two-bathroom apartments. Currently vacant, this property presents a blank canvas for the discerning buyer. The building boasts many recent improvements and renovations, resulting in phenomenally low taxes ($10,500 annually) and operating expenses. The property's northern and southern exposures provide abundant natural light. The ideal buyer could utilize the property as-is, enjoying rental income from the upper units while residing in the owner's triplex, or undertake a renovation to create a luxurious single-family residence. Located in the heart of Fort Greene, the property is surrounded by premier shopping (Apple Store, Whole Foods, Greenlight Bookstore), dining (Olea, Evelina, Black Iris, Habana Outpost), and cultural attractions (Fort Greene Park, BAM, Barclays Center). Convenient access to public transportation via Atlantic Terminal is also a key advantage. The property's strong financials, with a projected net operating income (NOI) of $265,000 and area rents exceeding $70 per square foot, make this a compelling investment. The asking price is $4,300,000, or $1,075,000 per unit. This is a fully free-market, legal four-family building delivered vacant.

Location Insight

City

Brooklyn

County

Kings

State

New York

Longitude

-73.9701

Latitude

40.686

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments