1004 Gates Ave Brooklyn, NY 11221-6354

Property Details for 1004 Gates Ave

Year built

1925

Lot size

0.09 lot acres

Property size

19,130 SF

Zone code

C4-4L

Property type

Apartment buildings

APN

01480-0014

APU

14800014

Description

This exceptional seven-story, multifamily property located at 1004 Gates Avenue in Brooklyn, New York, presents a compelling investment opportunity. Situated on the south side of Gates Avenue between Ralph Avenue and Broadway, in the heart of Bedford-Stuyvesant, this turnkey asset boasts 19,130 square feet and features 27 residential units. The building, which benefits from a 40-foot frontage, underwent significant expansion and renovation in 2019. A substantial J-51 Tax Abatement is in place, providing significant tax savings until 2034, totaling $1,381,093. Currently fully occupied, the property offers a considerable preferential-to-legal rent spread of $494,245, representing significant upside potential. The asking price is $9,700,000, translating to $507.06 per square foot and $359,259.26 per unit. This well-maintained elevator building represents a rare opportunity to acquire a high-performing asset in a rapidly appreciating Brooklyn neighborhood. The property's strong cash flow, combined with the substantial tax benefits and rent upside, makes it an ideal investment for discerning buyers seeking a stable and profitable return. The building's prime location and recent renovations ensure its continued success in the vibrant Bedford-Stuyvesant market. The zip code is 11221.