Description

Suits Realty Investment Sales is proud to present 163 Veronica Place, an exceptional four-story, 8-unit residential apartment building in Flatbush, Brooklyn. Built in 2013 and meticulously maintained by its original owner, this ± 6,350 SF property features a robust masonry skeleton, in-demand building systems, and virtually no deferred maintenance. The building consists of 8 rent-stabilized units generating an immediate yearly rent roll of $212,328.00. Because tenants are responsible for their own heat, hot water, gas, and electricity utilities, the asset delivers strong, dependable cash flow from day one. Currently 100% occupied, the property offers an impressive clear path to a projected annual rent roll of $338,124 upon natural unit turnover. Crucially, the building’s 421-a tax abatement is set to expire in 2030, presenting a powerful future exit strategy or valueadd opportunity. Upon expiration, a new owner will have the legal flexibility to convert the building into a luxury condominium or transition the units to full, unregulated freemarket rent levels. Perfectly positioned between Tilden Avenue and Beverley Road, residents enjoy effortless commuting via the 2/5 train at Church Avenue and Beverley Road. Furthermore, the property sits just minutes away from Prospect Park, granting tenants immediate access to 526 acres of premier recreational space.

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Property information

Property type

Residential Income

Sub-type

Multi Family

Year built

2013

Living area

6,350 Sq Ft

Lot size

0.06 acres

Annual taxes

$5,598

Price / Sq Ft

$614

Days on market

36

Zoning

R6

Features

Appliances

Gas Water Heater

Heating

Steam · Natural Gas

Flooring

Ceramic Tile · Hardwood

Parking

On Street

Roof

Asphalt · Flat

Construction

Brick

Basement

Unfinished