Description

Turnkey multifamily investment - 281 23rd Street is a beautifully-maintained masonry pre-war building spanning approximately 8,492 square feet above-grade. The building hosts 12 apartments, eight of which are configured as 2 BR, while the remaining four are 1 BR. The building is being offered for sale for the first time in almost 40 years. Current ownership has taken long-term care of the property, offering new ownership a turn-key cash flowing asset. Core asset with stable cash flow and future upside - All apartments are rent-stabilized and leased. The asset currently generates over $270,000 gross annually. Average AGI/NSF is $34.61, equating to an average monthly rent of $1837 per apartment, this is approximately 75% of market rents of comparable rentals in area. This allows future investors to take advantage of immediate rental income on day one with virtually no work, while retaining substantial long-term upside as units are brought to market rate over time. Ideal location with multiple amenities - R subway station at the 25th Street station & the Prospect Avenue station (D, N, R, W trains). There are several markets, banks and convenience stores along with dozens of cafes and restaurants in the immediate area along 5th Avenue retail corridor. The location provides straight forward commutes to Manhattan and Brooklyn via these lines. Ideally positioned for quick access to the major highway interchange of I-278 (Gowanus Expressway) and NY-27 (Prospect Expressway).

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Property information

Property type

Residential Income

Sub-type

Multi Family

Year built

1931

Living area

8,493 Sq Ft

Lot size

0.06 acres

Annual taxes

$64,651

Price / Sq Ft

$218

Days on market

217

Stories

4

Zoning

R6B

Features

Appliances

Gas Water Heater

Cooling

Window Unit(s)

Heating

Steam · Natural Gas

Flooring

Carpet · Ceramic Tile · Hardwood · Linoleum

Parking

On Street

Roof

Asphalt · Flat

Construction

Brick

Basement

Partially Finished