422 Bleecker St Brooklyn, NY 11237-5410

Property Details for 422 Bleecker St

Year built

1931

Lot size

0.06 lot acres

Property size

5,670 SF

Zone code

R6

Property type

Apartment buildings

APN

03312-0016

APU

33120016

Description

This exceptional 6-unit apartment building, located on a desirable street in prime Bushwick, Brooklyn, presents a compelling investment opportunity. The property boasts a substantial 5,670 square feet across three stories, with each unit benefiting from spacious (27' x 70') dimensions and ample natural light thanks to strategically placed air shafts. Currently fully occupied and rent-stabilized, this building enjoys 100% rent collection, offering immediate cash flow. Legal rents are 10% above preferential rents, providing a clear path to increased income. The building is well-maintained, minimizing the need for immediate capital improvements. Natural tenant turnover presents the potential for owner occupancy in the near future. Situated just one block from Wyckoff Avenue, this property offers convenient access to the Dekalb L and Wyckoff M subway lines, providing a quick 20-minute commute to Manhattan. The asking price of $900,000 represents an attractive $155 per square foot, significantly below the neighborhood average of $288 per square foot. Furthermore, the 2A Tax Class ensures predictable tax increases, limited to a maximum of 8% annually or 30% over five years. With an 8.50% cap rate and a Net Operating Income (NOI) of $65,834, this property offers a strong return on investment. This is a rare opportunity to acquire a well-positioned, cash-flowing multifamily asset in a rapidly appreciating Brooklyn neighborhood.

Location Insight

City

Brooklyn

County

Kings

State

New York

Longitude

-73.913

Latitude

40.7031

CBSA code

35620

CBSA name

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

Property Tax & Assessments