1299 St Johns Pl Brooklyn, NY 11213

Property Details for 1299 St Johns Pl

Property size

2,912 SF

Property type

Commercial real estate

Description

This exceptional Brooklyn investment property, located at 1299 Saint Johns Place, presents a compelling opportunity for owner-users or investors. The property is a renovated four-story, one-building, two-unit double duplex, boasting a total of 2,912 square feet. Each unit features four bedrooms and 2.5 bathrooms, offering ample living space. Currently vacant, this presents a chance to immediately establish market-rate rents. The building sits on a 1,560 square foot lot and is zoned R6 (2.43) with a 70-foot height limit, offering potential for future development, including 879 square feet of available air rights. The property's prime location, just one block from Utica Avenue and two blocks from Eastern Parkway (with access to the 2, 3, and 4 subway lines), ensures high demand and strong rental potential. With a list price of $1,500,000 ($750,000 per unit), a pro-forma NOI of $80,797, and a pro-forma cap rate of 5.39%, this property offers significant return potential. The building's Class B designation and "value-add" investment subtype indicate opportunities for further enhancement and increased profitability. This is an ideal property for an owner-occupant seeking rental income or an investor looking for a strong return in a desirable Brooklyn location.