948 55Th St Brooklyn, NY 11203

Property Details for 948 55Th St

Property size

1 SF

Property type

Commercial real estate

Description

This exceptional multifamily investment opportunity presents a well-maintained corner brick building situated in the desirable East Flatbush area of Brooklyn, New York. The property, located at 948 Clarkson Avenue (also known as 60 East 55th Street), boasts a substantial 11203 zip code address and offers a compelling combination of strong cash flow and significant upside potential. The building comprises a diverse mix of residential units, including seven two-bedroom apartments and thirty one-bedroom apartments, along with a retail space. Currently generating a Net Operating Income (NOI) of $378,805, this property exhibits a robust 6.47% capitalization rate, making it an attractive investment for discerning buyers. The asking price is $5,850,500. A key advantage lies in the current rental rates, which are below market value, presenting a clear path to increase profitability through strategic rent adjustments. This presents a significant opportunity for value appreciation and enhanced returns. The building's prime corner location and solid construction further enhance its appeal. This is a rare chance to acquire a well-positioned multifamily asset in a thriving Brooklyn neighborhood with immediate cash flow and substantial long-term growth prospects. The property is conveniently located in Kings County, New York. Detailed financial information is available upon request.