Listing Information
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Peters - O'Brien Team
At Douglas Elliman Real Estate

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

Neighborhood: Prospect-Lefferts Gardens

Multi-Family

Pets Allowed

Monthly Real Estate Tax: $456

Approximate Sq. Feet: 4,500

Listing ID: 3116239

 

 

Building Details

Prewar

Your Agent(s)

Dain Lee

Dain Lee

O: 718.486.4466

M: 917.617.4882

dain.lee@elliman.com
Stephanie O'Brien

Stephanie O'Brien

O: 718.486.4457

stobrien@elliman.com
Jessica Peters

Jessica Peters

O: 718.486.4429

jpeters@elliman.com
Mathew Krem

Mathew Krem

O: 718.486.4465

mkrem@elliman.com

All data is deemed reliable but is not guaranteed accurate by the RLS or Douglas Elliman. See Terms of Service for additional restrictions.

 

© 2018. Douglas Elliman Real Estate. All material presented herein is intended for information purposes only. While, this information is believed to be correct, it is represented subject to errors, omissions, changes or withdrawal without notice. All property information, including, but not limited to square footage, room count, number of bedrooms and the school district in property listings are deemed reliable, but should be verified by your own attorney, architect or zoning expert. The number of bedrooms listed above is not a legal conclusion. Each person should consult with his/her own attorney, architect or zoning expert to make a determination as to the number of rooms in the unit that may be legally used as a bedroom.

 

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