423 Clermont Ave Brooklyn, NY 11238

Property Details for 423 Clermont Ave

Year built

1931

Property size

3,120 SF

Property type

Commercial real estate

Description

This four-unit, Class A apartment building in Brooklyn's desirable Fort Greene neighborhood presents a compelling value-add investment opportunity. The property, built in 1931 and renovated four years ago, boasts 3,120 square feet of net rentable space across four units, each with separate meters. Currently operating at 50% occupancy, with a projected full occupancy date of October 1, 2024, the property offers a current NOI of $131,980 and a pro-forma NOI of $166,480, translating to a 3.30% current cap rate and a projected 4.17% pro-forma cap rate. The asking price is $3,995,000, or $998,750 per unit, and the price per square foot is $1,280.45. Situated on a 2,000 square foot lot, the building is four stories high and zoned R6B. The flexible layout allows for multiple income streams or the possibility of creating a luxurious owner's triplex by combining the parlor, garden, and cellar levels. The spacious cellar offers significant potential for added value. The property's prime location, near the A/C subway lines, Atlantic Terminal, Barclays Center, Fort Greene Park, and numerous amenities, ensures strong rental demand and long-term appreciation potential. Two units will be delivered vacant, allowing for immediate leasing and premium rent generation. This turnkey investment offers a blend of immediate income and substantial long-term growth potential.