ID 10867



THREE STORY APARTMENT BUILDING FOR SALE
EXCELLENT INVESTMENT/USER OPPORTUNITY
EAST 46TH STREET
BROOKLYN, NEW YORK
Location: East 46th Street between Clarkson Avenue and Lenox Road

Lot Size: 25’ x 100’
Building Size: Basement: 20’ x 62’ = 1,240 sq. ft.
1st Floor: 20’ x 62’ = 1,240 sq. ft.
2nd Floor: 20’ x 62’ = 1,240 sq. ft.
3rd Floor: 20’ x 62’ = 1,240 sq. ft.
Stories: Three (3) Plus Basement
Gross Square Feet: 3,720 (Approximately) Above Grade

Zoning: (FAR)
Total Buildable Sq. Ft: Total Available Air Rights: Assessment:
Real Estate Taxes:
Description:
R5: (1.5) Height Limit 40’
3,750
30
$114,166 (25/26)
$14,201.12
A 20’ wide 6-unit three story apartment building. The units are located to the front and back of the property. The first floor front unit is a studio apartment, all the other units are one-bedroom apartments. The units have a living/ dining area a full kitchen and full bathroom. All the units are rent stabilized. They are individually metered for cooking gas and electric. All the meters are in the basement which has 7’ ceilings. The building has a new gas boiler, water heater, drive - way with two parking spaces. The basement has a floor-through apartment.
The property is a prime investment opportunity because it has stable cash flow. Value can be added by up-dating the common areas and stairs. The lot size gives the property the potential to be developed into a condo apartment building.
The property is also a great user opportunity, a user can take an apartment on the first floor and duplex it with the basement. The upper floor units can be rented for income.
The property is located one a nice residential block with mostly single and two family homes, the area is quiet and family oriented.

Located right off Clarkson Avenue, the property has access to
Bobby’s Department store, Walgreens, Chase Bank and many retail
stores. The 46 Bus runs along Utica Avenue, to Eastern Parkway, to
the 2, 3, 4 & 5 trains. All these factors gives the apartments high
demand in the area.
Revenue:
Unit Description Unit Type Revenue LXP


First Floor: 1F 1R
Second Floor: 2F 2R
Studio Apt Rent Stabilized 1- Bedroom Apt Rent Stabilized
1- Bedroom Apt Rent Stabilized 1- Bedroom Apt Rent Stabilized
$1,200 $957
$1,041 $900


Third Floor: 3F 1- Bedroom Apt Rent Stabilized $995 3R 1- Bedroom Apt Rent Stabilized $1,650

Monthly Inc:
$6,743

Annual Inc: $80,916


Expenses:

Real Estate Taxes: $14,201.12 Water & Sewer: $3,200.00 Insurance: $2,000.00 Heat (Gas): $3,750.00 Electric: (common areas) $1,000.00

Repairs & Maintenance: Total Annual Expenses
$2,200.00 $26,351.12

Net Operating Income: $54,564.88 CAP RATE: 4.7%
ASKING PRICE: $1,150,000