21-Unit Multifamily Building
10 Westminster Road
Prospect Park South
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Located directly across the street from the Parade Ground and Prospect Park, 10 Westminster Road is comprised of 21 residential units in a ~25,000 SF property. Of the 21 units, 11 apartments are rent stabilized, four are free market and six are currently vacant.
There is significant upside in the rents as all of the apartments are approximately 1,050 SF and additional bedrooms can be added to each line to maximize rental income. The building currently generates a rental income of approximately $556,000 and a NOI of $366,044. The Asking Price for the asset is $10,500,000.
The property is about an 8-minute walk to the Church Avenue B & Q express subway station and 10 minutes to the Fort Hamilton Parkway F & G trains.