Free Market Multifamily Building in Ditmas Park

615 East 17th Street

Flatbush

Size 15,057 SF
Cross Streets Foster Avenue & Newkirk Avenue
Residential Units 16
Subways
b
q
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Multifamily 615 East 17th Street, Flatbush
Matthew Cosentino
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Details

NOI ~$454,280
Lot SF 4,000 SF

Overview

TerraCRG has been retained to exclusively represent the sale of the multifamily building at 615 East 17th Street in Ditmas Park, Brooklyn.

615 East 17th Street is ideally situated between Newkirk and Foster Avenues. The asset totals 15,057 SF and sits on a 4000 SF lot. The six-story, elevator building was recently gut-renovated and consists of 16 residential units with condo-quality finishes, high ceilings and ample natural light. Half of the units have private outdoor space and all residents have access to the buildings gym and common roof deck.

The asset is generating a gross annual income of $512,442 with an NOI of ~$454,280.  At asking price, the property is offered at an ~5.7% Cap Rate.

Attractions

The asset is just two blocks from Newkirk Plaza – a retail-heavy corridor and subway station with access to the Q and B lines. Also, just a few avenues north is the Cortelyou Road retail corridor featuring some of South Brooklyn’s most attractive bars and restaurants. A few highlights include The Farm on Adderley, Sycamore Bar + Flower Shop and Bar Chord. Nearby attractions include Prospect Park, The Brooklyn Botanic Garden, Kings Theatre and the Brooklyn Public Library.

The Farm on Adderley
Sycamore Bar + Flower Shop
Bar Chord
Prospect Park
The Brooklyn Botanic Garden
Kings Theatre
Brooklyn Public Library

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