1886 Eastern Pkwy, Unit 6 Brooklyn, NY 11233-4289

Property Details for 1886 Eastern Pkwy

Year built

1910

Lot size

0.05 lot acres

Property size

3,300 SF

Zone code

R6

Property type

Apartment buildings

APN

01571-0009

APU

15710009

Description

This exceptional six-unit apartment building, located at 1886 Eastern Parkway in Brooklyn, NY 11233, presents a compelling investment opportunity. Built in 1910 and boasting 3,240 square feet, the property offers a strong 7.00% cap rate at an asking price of $1,600,000. A complete renovation in 2018 ensures minimal immediate maintenance needs. The building benefits from efficient layouts enhanced by a large air shaft, providing spacious and bright units. Further enhancing its potential, the property includes approximately 2,760 unused air rights, opening avenues for future expansion or development. Its location offers excellent transportation accessibility, just four blocks from Broadway Junction, providing convenient access to multiple subway lines (L, J, Z, A, & C) and quick commutes to areas like Williamsburg, Downtown Brooklyn, and Union Square. The property is fully free-market, allowing for future appreciation based on neighborhood improvements. Finally, its protected 2A Tax Class ensures predictable and manageable tax increases, limited to a maximum of 8% annually or 30% over five years. This is a rare opportunity to acquire a well-maintained, high-potential multifamily property in a rapidly developing Brooklyn neighborhood.

Location Insight

City

Brooklyn

County

Kings

State

New York

Longitude

-73.9077

Latitude

40.6768

CBSA code

35620

CBSA name

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

Property Tax & Assessments