23 Park St Brooklyn, NY 11206-4520

Property Details for 23 Park St

Year built

1931

Lot size

0.06 lot acres

Property size

4,125 SF

Zone code

M1-1

Property type

Apartment buildings

APN

03133-0041

APU

31330041

Description

This exceptional 8-unit apartment building, located at 23 Park Street in Brooklyn, NY 11206, presents a compelling investment opportunity. The property, a three-story, 4,125 square foot building constructed in 1931 and renovated in 2003, boasts a desirable M1-1 zoning classification and sits on a 2,500 square foot lot. Currently operating at 100% occupancy, this stabilized investment features a Net Operating Income (NOI) of $170,558, with a pro-forma NOI of $177,409, resulting in a 6.20% cap rate and a pro-forma cap rate of 6.45%. The asking price is $2,750,000, translating to $666.67 per square foot and $343,750 per unit. The unit mix comprises four studios (averaging 250 square feet) and four two-bedroom, one-bathroom apartments (averaging 650 square feet). All units are free-market, offering significant upside potential. The building features a newer roof (2017), a fully sprinklered system, and a brick facade. Its location in East Williamsburg, three blocks from the JMZ subway lines at Flushing Avenue, provides convenient access to Manhattan and surrounding neighborhoods. The property has a history of low vacancy rates and benefits from long-term ownership and meticulous maintenance, resulting in very low operating expenses. There are no open violations, and the building is classified as a desirable 2A tax class. This well-maintained property offers a strong return on investment in a vibrant and sought-after Brooklyn neighborhood.

Location Insight

City

Brooklyn

County

Kings

State

New York

Longitude

-73.9385

Latitude

40.6998

CBSA code

35620

CBSA name

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

Property Tax & Assessments