1371 Greene Ave Brooklyn, NY 11237
- Apartment buildings
- 4,275 SF
- 0.05 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 1371 Greene Ave
- Year built
- 1931
- Lot size
- 0.05 lot acres
- Property size
- 4,275 SF
- Zone code
- R6
- Property type
- Apartment buildings
- APN
- 03289-0034
- APU
- 32890034
Description
This exceptional investment opportunity presents a three-story, six-unit apartment building located at 1371 Greene Avenue in Brooklyn, New York, 11237. Built in 1910 and renovated in 2018, this property boasts 4,275 square feet of space, including a full basement. The building sits on a desirable 25' x 82.23' lot, offering a sizable 630 square foot rear garden. Currently operating at 100% occupancy, the property generates a Net Operating Income (NOI) of $78,537, representing a 5.20% cap rate. Pro-forma NOI is projected at $91,337, indicating a 6.40% pro-forma cap rate. Each of the six units is priced at $253,333.33, with the entire building listed at $1,520,000. The property benefits from its prime location in Bushwick, steps from the L and M subway lines and Maria Hernandez Park. Low taxes and a buildable floor area ratio (FAR) further enhance its investment potential. This well-maintained building offers a solid return on investment with upside potential through market rent adjustments. The property is free and clear of any ground lease.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Brooklyn
- County
- Kings
- State
- New York
- Longitude
- -73.9175
- Latitude
- 40.7005
- CBSA code
- 35620
- CBSA name
- NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
