2077 28Th St Brooklyn, NY 11229

Property Details for 2077 28Th St

Year built

1930

Property size

3,312 SF

Property type

Commercial real estate

Description

This exceptional Class A, four-unit apartment building presents a compelling investment opportunity in the desirable Sheepshead Bay neighborhood of Brooklyn, New York. Built in 1930 and extensively renovated in 2017, this 4-story brick building boasts 3,312 square feet on a 2,800 square foot lot, zoned R4 C1-2. The property includes one parking space within a garage, a rare amenity in this location. The building comprises four free-market units: two 2-bedroom, 1-bathroom units (renting for $1,850 and $1,925 respectively, with one including garage parking), and two 3-bedroom, 1-bathroom units (renting for $1,800 and $2,000). All units feature split system AC/heating, and tenants are responsible for their own utilities. The building offers significant upside potential due to the free-market rents. With a strong net operating income (NOI) of $79,600 and a 5.31% cap rate, this property represents a solid return on investment. The asking price is $1,500,000 ($452.90 per square foot and $375,000 per unit). The property's location near Avenue U and subway lines enhances its appeal. Annual property taxes are $11,300. This is an ideal opportunity for both owner-users and investors seeking a well-maintained, income-producing asset in a thriving Brooklyn community. The building's dimensions are approximately 18x46 feet.