269 Ainslie St Brooklyn, NY 11211

Property Details for 269 Ainslie St

Year built

1920

Property size

4,875 SF

Property type

Commercial real estate

Description

This exceptional Class A multifamily investment property, located at 269 Ainslie Street in Brooklyn, NY 11211, presents a compelling opportunity. The three-unit building, constructed in 1920 and extensively renovated in 2016, boasts a total of 4,875 square feet on a 2,500 square foot lot. The property features a 2-bedroom apartment on the ground floor with backyard access, and two 3-bedroom floor-through apartments on the second and third floors. A studio apartment is situated in the basement, and a separate 3-bedroom carriage house in the rear adds significant rental income potential. All units are currently 100% occupied and offer free-market rents, providing immediate cash flow. The current Net Operating Income (NOI) is $222,237, with a pro-forma NOI projected at $246,237, reflecting the potential for increased rental income. The asking price is $4,200,000, representing a current cap rate of 5.29% and a pro-forma cap rate of 5.86%. The property is zoned R6B and includes 225 square feet of air rights. Each apartment features updated kitchens with stainless steel appliances (including washer/dryer, microwave, and dishwasher), spacious bedrooms with ample closet space, and attractive hardwood floors. Individual gas and electric meters are installed for each unit. The building's prime location, just one block from Graham Avenue with its vibrant restaurants and retail, and convenient access to the L train, ensures strong tenant demand. This property is ideal for both owner-occupants and investors seeking a value-add opportunity with significant upside potential. Annual expenses total $22,562.56, encompassing real estate taxes, water & sewer, insurance, heat (gas), electricity (common areas), and repairs & maintenance.

Location Insight

City

Brooklyn

County

Kings

State

New York

Longitude

-73.9430872

Latitude

40.7133241