1829 Park Place
1829 Park Place, Brooklyn, NY 11233
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The offering represents the opportunity to purchase a fully renovated building in one of Brooklyn’s most rapidly emerging neighborhoods. The three-story brick building is currently ~3,300 SF and underwent a full interior gut renovation. The property is being offered at an 8% cap-rate, which extremely hard to find anywhere in Brooklyn. Additionally, there is the possibility to create an additional floor, utilizing the additional air rights available.
The units are set up as perfect share apartments with 4 bedrooms and 1 office per unit. The property has gross income of approximately $102,000 and the property is run very efficiently as all the utilities are paid by the tenants.
The property is ideally located in close proximity to the 2,3,4,5,A,C,J,Z & L train stations. The property is ideally located near many new restaurants, bars and cafes’ that are opening in the immediate vicinity, including the Wilky Bar, Bakery Chez Alex, highly acclaimed Saraghina Restaurant, the newly opened and extraordinarily designed Casablanca Bar and many more. The property also offers tenants easy access to national retail tenants, like Rite Aid. Along with a boom in retail offerings, this area has seen a huge increase in residential rents and the beginning of condo development.