245 Martense St Brooklyn, NY 11226

Property Details for 245 Martense St

Property size

7,260 SF

Property type

Apartment buildings

Description

This exceptional eight-unit apartment building, located at 245 Martense Street in Brooklyn, New York, presents a compelling investment opportunity. The property boasts a total square footage of 7,260 square feet, with 6,250 square feet of net rentable space. Situated on a 25-foot-wide lot, this four-story building is classified as a Tax Class 2B property, offering inherent protections. All eight units are currently occupied under rent stabilization, providing immediate cash flow. A significant advantage lies in the substantial difference between the current collected rent and the legally permissible rent. This presents a clear path to increased profitability upon unit turnover, as six units are currently paying preferential rents below market value. The building's convenient location between Rogers and Nostrand Avenues, just one block from the 2 and 3 train lines at Church Avenue Station, ensures strong tenant demand and easy accessibility. The property is zoned R6, providing flexibility for future development or renovations, subject to applicable regulations. This is a rare opportunity to acquire a well-located, income-producing multifamily asset with considerable upside potential in a thriving Brooklyn neighborhood.