1277 Nostrand Avenue - Prospect-Lefferts Gardens, New York

        

 

1277 Nostrand Avenue - Prospect-Lefferts Gardens, New York

 

A DOUGLAS ELLIMAN & PETERS/O'BRIEN TEAM EXCLUSIVE

1277 Nostrand Avenue is a multi-family rent stabilized investment property built approx. 4,500sf, comprised of six railroad style one and two bedroom (1BR & 2BR) apartments all with one bath (1BTH). Five apartments have been updated in 2014 and can collect close to free market rents for the area, with one unrenovated unit collecting a lower preferential rate. The building has updated hardwood floors, kitchens/baths, electric, gas, plumbing, individual hot water tanks per unit, and roof. Projected cap rate of 5.28% OR a net operating income (NOI) of approx. $100,000/yr. There is a 12 year J-51 tax abatement in place for capital improvements that expires in 2028.

The property is ideally located in burgeoning Prospect-Lefferts Garden, Brooklyn, which has been on the forefront of and expansion on the SE portion of Prospect Park and continues to remain a high-density neighborhood for renters. Known for its well-preserved architecture due to a founding covenant prohibiting certain types of business and use in the area, the historic subdivision still mostly permits only single-family residences, making multi-family investment opportunities highly desirable in the area.

With main commercial corridors located on Nostrand and Flatbush Avenues, 1277 Nostrand presents an amazing location near local neighborhood businesses like the newly opened Greenlight Bookstore, and restaurants including Parkside, Midwood Flats, ZuriLee Pizza Bar, and MangoSeed. Located only one block from the Winthrop Ave. 2/5 trains, 1277 Nostrand Ave. is within close walking distance to Kingsland County Hospital and Kingsbrook Jewish Medical Center, various drug stores, gym, cafes, restaurants, banks and other local amenities. Additional transportation options include the Q train at Prospect Park; Additional transportation options include the S (the Franklin Avenue Shuttle), which serves only Brooklyn, and the B lines, as well as multiple bus options. Please inquire for full setup.

 

This listing courtesy of Douglas Elliman

Property Details:

  • 1277 Nostrand Avenue - Prospect-Lefferts Gardens, New York
  • Price: $1,895,000
  • Monthly Real Estate Tax: $456
  • Neighborhood: Prospect-Lefferts Gardens
  • Multi-Family
  • Approximate Sq. Feet: 4,500
  • Listing ID: 3116239

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