$1,315,000 Price Analysis    ♡   Brooklyn, NY 11226 4 bed 2 bath 2,800 SqFt ($469/SqFt) Listed 2024-06-06, Taxes $6,347 | Ⓧ USDA Ineligible due to price & location near Brooklyn |
We are pleased to offer for sale 1481 Nostrand Avenue.
Located in the Brooklyn neighborhood of Flatbush, a block from bustling Church Avenue station on the 2/5 train, this free-market, 100% occupied building is an opportunity to purchase a turn-key investment with exceptional development potential. Nostrand Avenue is a major Brooklyn corridor and this intersection is heavily trafficked by both cars and people on foot. Offered at a 6% cap rate, 1481 Nostrand Avenue has three units and two floors. All units are on signed leases with good, strong credit tenants and Seller can provide proof of monthly on-time rental payments. The apartments are each 2bd/1bath, one of which has a washer/dryer. Both units were renovated within the last ten years and the hallway was updated last year. Overall, the building is in excellent condition and is a low-maintenance asset. While landlord is responsible for gas heat, the annual overall bill is low (around $2500) and tenant reimburses 40%.
For an investor, this asset is an opportunity to purchase a property with minimal landlord responsibility and strong cashflows from Day 1 and t capitalize on the long-term growth of Brooklyn and this neighborhood. Alternatively, an end-user could purchase this building and eventually use the 1st floor space for its own use and/or live upstairs in the apartments while benefiting from the additional income from the other units. The building is zoned R6 and allows for an FAR of 2.43 which allows for 4860 of buildable SF, more than 2000 SF more than the existing 2800 SF there now. Email for offering memo. Asking $1, 315, 000 - a 6% cap rate on existing cashflows Huge development potential with over 2000 SF of unused air rights - 2.43 FAR allows for 4860 SF of buildable SF (compared to 2800 SF there now) Turn-key, 100% occupied, property Just under $80k in NOI from Day 1 Live upstairs and rent out the other floors or keep as an easy investment property Established, credit tenants with proof of good payment history Low-maintenance asset in great condition - low RE taxes and low maintenance costs Situated in burgeoning Flatbush neighbor hood, 1 block from the 2/5 train on major corridor Nostrand Avenue and from bustling Church Avenue/Nostrand Avenue intersection 1st floor space is brand new/just updated and residential hallway was recently updated
Presented by Jennifer Novelli at
DNY REAL ESTATE.
Property MLS #11286569 from MyStateMLS
Basement Sqft: 1400
Basement Description: Basement Type: Full
Refrigerator: Y
Microwave: Y
Oven: Y
Heating Fuel: Gas
Calculated Total Monthly Association Fees: 0
Source Listing Status: Active
County: 36047
Availability Date: 2024-06-06
Source Property Type: Multi-Unit (2-4)
Area: Flatbush
Source Neighborhood: Flatbush
Source System Name: C2C
| Year | Assessments Building + Land Total | Tax |
|---|---|---|
| 2022 | $34,800 + $12,240 $47,040 | $6,347 |
| 2021 | $29,340 + $12,240 $41,580 | $6,521 |
| 2020 | $34,440 + $12,240 $46,680 | $6,188 |
| 2019 | $36,900 + $12,240 $49,140 | $5,938 |
| 2018 | $20,038 + $6,746 $26,784 | $5,602 |
| 2017 | $19,337 + $7,159 $26,496 | $5,401 |
| 2016 | $17,619 + $8,206 $25,825 | $5,162 |
| 2015 | $15,074 + $9,290 $24,364 | $4,764 |
| 2014 | $12,837 + $10,822 $23,659 | $4,532 |
| 2013 | $10,080 + $12,240 $22,320 | $4,283 |
| 2012 | $9,840 + $12,240 $22,080 | $4,019 |
| 2010 | $9,656 + $11,866 $21,522 | $3,469 |
| 2009 | $9,109 + $11,195 $20,304 | $3,469 |
| 2007 | $16,155 + $2,856 $19,011 | $2,934 |
$1,315,000
MyStateMLS
Sold 2018-06-01
$1,225,000
Public Record
Listing removed 2018-03-14
$1,700
RealtyMXNYC
Listed for rent 2018-03-12
$1,700
RealtyMXNYC
Listing removed 2017-03-07
$600
Sothebys International Realty
Listed for rent 2017-01-19
$600
Sothebys International Realty
Sold 2015-08-03
$440,000
Public Record
Sold 2002-05-03
$415,000
Public Record
Sold 1993-08-02
$132,500
Public Record
Levels or Stories: 2
Structure Type: Masonry - Brick
Architectural Style: Low-rise
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.