130 Cornelia St Brooklyn, NY 11221

Property Details for 130 Cornelia St

Year built

1905

Property size

2,850 SF

Property type

Commercial real estate

Description

This exceptional 3-unit apartment building, located at 130 Cornelia Street in the vibrant Bushwick neighborhood of Brooklyn, New York (zip code 11221), presents a compelling investment opportunity. The property boasts a total of 2,850 square feet on a 19' x 100' lot, with the building itself measuring 19' x 50'. Built in 1905 and situated in an R6 zoning district, this fully renovated building offers three free-market units: two 3-bedroom, 1-bathroom apartments and one 4-bedroom, 1-bathroom apartment. All units feature high-end finishes. The asking price is $1,925,000, translating to $675 per square foot and $641,667 per unit. The property enjoys a strong net operating income (NOI) of $106,766, resulting in an attractive 5.50% capitalization rate. Its convenient location, just blocks from the Halsey Street J train and Wilson Avenue L train stations, ensures easy access to public transportation. The property benefits from a low tax basis due to its Tax Class 1 designation. This investment offers significant potential for appreciation given Bushwick's explosive rent growth. The building's size and unit configuration, combined with its prime location and strong financial performance, make it an ideal addition to any investor's portfolio.