127 Schaefer St Brooklyn, NY 11207-1112

Property Details for 127 Schaefer St

Year built

1915

Lot size

0.04 lot acres

Property size

4,174 SF

Zone code

R6

Property type

Apartment buildings

APN

03422-0055

APU

34220055

Description

This exceptional six-unit apartment building in Brooklyn's vibrant Bushwick neighborhood presents a compelling value-add investment opportunity. The property, constructed in 2020, boasts 4,175 square feet across four stories, including a finished basement. Each of the six units is individually metered for heating, cooling, and hot water, minimizing operating expenses. First-floor units are duplexed with the basement, enhancing their appeal. Modern amenities include fully equipped kitchens, hardwood floors, high ceilings, and sleek bathrooms. A shared laundry room generates additional income. The building sits on a 1,900 square foot lot and is zoned R6. While the majority of construction is complete, the property is sold "as is," requiring the completion of construction, final plan approvals, and permit sign-offs. The asking price is $1,850,000, representing a price per unit of $308,333.33 and a price per square foot of $443.11. The current cap rate is 7.33%, with a pro-forma cap rate projected at 9.90% and a pro-forma NOI of $183,185. Currently vacant, this property offers significant upside potential for a savvy investor seeking to capitalize on the strong rental market in Bushwick. The property's location at 127 Schaefer Street, Brooklyn, NY 11207, provides easy access to local amenities and transportation.