388 Bridge St Brooklyn, NY 11201
- Residential income homes
Current Use by Public Records
- 388 Bridge Street / Apartment Building
- GMC Parking / Parking Garage / Parking Lot
- J's Cleaners / Dry Cleaner
- Perch Interactive / Software Company
- Michael Leen / Marketing Agency
Property Details for 388 Bridge St
- Year built
- 2014
- Property type
- Residential income homes
Description
This exceptional investment opportunity presents a portfolio of seven Class A luxury condominium units located at 388 Bridge Street in Brooklyn, New York's desirable 11201 zip code. Built in 2014, this portfolio boasts a 100% occupancy rate, generating a substantial Net Operating Income (NOI) of $221,000 annually. The asking price is $6,500,000, representing a compelling 3.40% capitalization rate. Each unit commands a price of $928,571.43. Currently, the portfolio enjoys a tax abatement, offering significant long-term tax advantages. The units are individually metered and easily managed, minimizing operational expenses. Below-market rents present a clear path to increased profitability. The property's prime location and luxurious features, including a doorman, contribute to its strong appeal and potential for future appreciation. This portfolio offers a unique opportunity for investors seeking a stable, high-performing asset with significant upside potential. The individual units could be sold separately in the future, providing additional flexibility. This is an ideal 1031 exchange opportunity for those seeking an alternative to traditional NNN properties.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Brooklyn
- County
- Kings
- State
- New York
- Longitude
- -73.9857
- Latitude
- 40.6916
