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    289A Monroe St Brooklyn, NY 11216

    Sponsored
    For Sale
    $1,500,000

    Value-add multifamily investment opportunity

    Property size:
    3,900 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This 3-story, 6-unit apartment building at 289A Monroe Street in Brooklyn, NY (11216), presents a compelling value-add investment opportunity. Built in 1931, the property boasts 3,900 square feet on a 2,000 square foot lot, zoned R6B. Currently, it features six 2-bedroom, 1-bathroom apartments with an 83% occupancy rate, generating a current NOI of $96,404 and a 6.43% cap rate. The pro-forma NOI is projected at $124,521, resulting in an 8.30% pro-forma cap rate. The asking price is $1,500,000, or $250,000 per unit and $384.62 per square foot. Conveniently located between Marcy and Tompkins Avenues, this property offers easy access to the A & C subway lines. The building dimensions are approximately 20 ft x 65 ft. This presents a strong potential for increased revenue and return on investment. The property's location in the vibrant Bedford-Stuyvesant neighborhood adds to its appeal. Serious investors are encouraged to explore this promising opportunity.

    Property Features for 289A Monroe St

    General Information

    Property type
    Multifamily properties
    Square Feet
    3,900 SF

    Building Details

    Year Built
    1931
    Buildings
    1
    Stories
    3
    Units
    6
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Law Firm Restaurant Realty agency Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Food Market Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Brooklyn
    County
    Kings
    State
    New York
    Longitude
    -73.946679637602
    Latitude
    40.685924217109

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    FAQs

    What type of property is this?
    Multifamily property - Value-add multifamily investment opportunity
    Where is this multifamily property located?
    The property is located at 289A Monroe St Brooklyn, NY.
    What is the asking price?
    The asking price for this property is $1,500,000.
    Request Owner's contact information
    289A Monroe St Brooklyn, NY 11216
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    Brooklyn, NY 11216
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    289A Monroe St Brooklyn, NY 11216
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