163 Carlton Ave Brooklyn, NY 11205

Property Details for 163 Carlton Ave

Year built

1925

Lot size

0.23 lot acres

Property size

38,000 SF

Zone code

R6B

Property type

Apartment buildings

APN

02073-0015

APU

20730015

Description

This exceptional 4-story, 38,000 square foot apartment building at 163 Carlton Avenue in Brooklyn, New York, presents a compelling investment opportunity. Built in 1925 and extensively renovated between 1998 and the present, the property comprises 19 spacious lofts ranging from 1,239 to 2,934 square feet. Currently operating at 100% occupancy, the building generates a Net Operating Income (NOI) of $723,071, with a pro-forma NOI of $945,903 reflecting potential rental increases. The asking price is $18,000,000, representing a current cap rate of 4.02% and a pro-forma cap rate of 5.26%. Each unit boasts desirable features including exposed brick, high ceilings, hardwood floors, and many include updated kitchens and bathrooms. Building amenities include a passenger elevator, virtual intercom system, garbage chutes, and a communal laundry room. Some units also feature in-unit washer/dryers. The property sits on a 10,000 square foot lot and is zoned R6, offering potential for future development, including the possibility of a condo conversion. Located in the heart of Fort Greene, near Fort Greene Park and major transportation lines, this building offers a prime location in a highly desirable Brooklyn neighborhood. The building's history as the W.W. Debevoise Candy Factory adds to its unique character and appeal. The roof also presents potential for future development as a recreational space.

Location Insight

City

Brooklyn

County

Kings

State

New York

Longitude

-73.9724

Latitude

40.6926

CBSA code

35620

CBSA name

NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments