1352 Dekalb Ave Brooklyn, NY 11221-3312

Property Details for 1352 Dekalb Ave

Year built

2004

Lot size

0.06 lot acres

Property size

6,875 SF

Zone code

R6

Property type

Apartment buildings

APN

03245-0019

APU

32450019

Description

This exceptional investment opportunity presents two adjacent, four-story apartment buildings totaling 16 units situated at 1352-1356 Dekalb Avenue in the vibrant Bushwick neighborhood of Brooklyn, New York (zip code 11221). The property, encompassing 13,750 square feet on a 2,500 square foot lot, consists of two separate buildings, each featuring eight units. Each building comprises six two-bedroom, one-bathroom apartments and two one-bedroom, one-bathroom apartments. Built in 2004 and 2005, the buildings boast handsome brick, block, and steel construction, including fireproofing and sprinklers throughout. All units are rent-stabilized and benefit from a 421a tax abatement extending through 2033. Currently boasting 100% occupancy (as of July 1, 2024), the property demonstrates a strong historical occupancy rate, with minimal vacancies. The buildings share a sizable combined backyard and a shared laundry room in the basement. The property is zoned R6, C2-3 and offers a compelling current NOI of $405,532, with a pro-forma NOI of $485,491, representing a 7.37% cap rate and a pro-forma cap rate of 8.83%, respectively. The asking price is $5,500,000, translating to $400 per square foot and $343,750 per unit. This well-maintained property, owned by a single entity, presents a rare opportunity to acquire a stable, high-performing multifamily asset in a rapidly appreciating Brooklyn neighborhood. The below-market rents offer significant upside potential.

Location Insight

City

Brooklyn

County

Kings

State

New York

Longitude

-73.9244

Latitude

40.6987

CBSA code

35620

CBSA name

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

Property Tax & Assessments