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$ 4,500,000
Est. payment /mo
Price Dropped by $575K
Address not disclosed Brooklyn, NY 11233
52 Beds
16 Baths
16,020 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 16,020 sqft
Price per Sqft $280
MLS Listing ID 497842
Bedrooms 52
Full Baths 16
Year Built 1910
Annual Tax Amount $57,600
Property Sub-Type Multi-Family
Property Description
Exceptional 16-unit multifamily building featuring a balanced mix of 14 free-market and 2 rent-stabilized apartments.
The property offers strong current income and significant upside potential through 12 fully renovated, large-format free-market units.
Highlights
16 Total Units
14 Free-Market Apartments – large, renovated 3–4 bedroom layouts
2 Rent-Stabilized Apartments – providing steady, long-term cash flow
All units have individual heating systems (tenants pay for heat)
Air conditioning in every unit
Low operating expenses due to tenant-paid utilities
High demand for large family-sized apartments in the area
Investment Summary
This asset offers investors a rare combination of stability and growth.
The 14 free-market units were historically deregulated prior to 2019 through legal pathways such as Individual Apartment Improvements and high-rent vacancy decontrol.
Under current law, these apartments are permanently free-market, allowing rents to adjust freely with demand.
The 2 stabilized units provide a reliable income base, with additional upside through modest rent guideline increases and permitted IAIs.
Tenant-paid heat and utilities further reduce landlord expenses, enhancing NOI.
Investor Highlights
Strong in-place income with majority free-market exposure
Upside potential via free-market rent growth
Low maintenance costs and minimal owner responsibilities
Balanced rent roll combining stability and flexibility
Excellent opportunity for a value-focused multifamily investor
The property offers strong current income and significant upside potential through 12 fully renovated, large-format free-market units.
Highlights
16 Total Units
14 Free-Market Apartments – large, renovated 3–4 bedroom layouts
2 Rent-Stabilized Apartments – providing steady, long-term cash flow
All units have individual heating systems (tenants pay for heat)
Air conditioning in every unit
Low operating expenses due to tenant-paid utilities
High demand for large family-sized apartments in the area
Investment Summary
This asset offers investors a rare combination of stability and growth.
The 14 free-market units were historically deregulated prior to 2019 through legal pathways such as Individual Apartment Improvements and high-rent vacancy decontrol.
Under current law, these apartments are permanently free-market, allowing rents to adjust freely with demand.
The 2 stabilized units provide a reliable income base, with additional upside through modest rent guideline increases and permitted IAIs.
Tenant-paid heat and utilities further reduce landlord expenses, enhancing NOI.
Investor Highlights
Strong in-place income with majority free-market exposure
Upside potential via free-market rent growth
Low maintenance costs and minimal owner responsibilities
Balanced rent roll combining stability and flexibility
Excellent opportunity for a value-focused multifamily investor
Location
State NY
County Kings (brooklyn)
Area Crown Heights
Zoning R6
Rooms
Basement Cellar, Separate Entrance
Interior
Hot Water Electric, Gas
Heating Electric
Flooring Ceramic, Hardwood, Tile
Heat Source Electric
Exterior
Exterior Feature Brick
Amenities Available Door – Intercom
Roof Type Flat
Handicap Access Unknown
Building
Story 4
Foundation Block, Poured Concrete
Others
Energy Description Electric
Financing 1031 Exchange,Bank Mortgage,Cash,Owner
Listed by eXp Realty BKNY
