1277 Nostrand Avenue - Prospect-Lefferts Gardens, New York

        

 

1277 Nostrand Avenue - Prospect-Lefferts Gardens, New York

 

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 and collect close to free market rents for the area, with one unrenovated unit collecting a lower preferential rate; regardless, with one floor currently being used as management offices there is an excellent cash flow opportunity with strong upside potential when fully occupied. The building has recently updated hardwood floors, kitchens/baths, electric, plumbing, and roof with a projected cap rate of 5.28% OR a potential 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 area for renters. Covered by the NYT in Feb. 2017 as, "Diverse, Historic and Convenient", the neighborhood has seen double digit gains in property value appreciation over recent years and continues to see steady growth.

Located to the East of Prospect Park and South of Crown Heights, Prospect-Lefferts Garden ("PLG") is known for its well-preserved architecture, a mix of Romanesque Revival, neo-Georgian and neo-Tudor styles. Founded in 1893, James Lefferts divided his farm into 600 residential lots, called Lefferts Manor. Due to the founding covenant prohibiting certain types of business and use, with a few exceptions, the historic subdivision still 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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