Twenty-Five Unit Building
219 13th Street
Closed 11/12/2013 at
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The 25-unit multifamily building at 219 13th Street is now offered for sale. The property is located on 13th Street between Fourth Avenue and Fifth Avenue – just four blocks from Prospect Park – in the Park Slope neighborhood of Brooklyn.
The property is comprised of nine three-bedroom and 16 two-bedroom apartments. Thirteen of the twenty-five units are free market and newly renovated. Four additional units will be delivered vacant. The property currently produces a gross annual income of approximately $793,000 per year and the net operating income is ~$620,000.
There is considerable upside in the offering as the sven rent-stabilized units pay an average of $811/month for two and three-bedroom apartments worth approximately $2,900 and $3,900 per month.
The property also presents a near-term opportunity for condo conversion as eighteen of the twenty-give units will be destabilized by the end of 2013. The demand for condominiums units in Park Slope is among the strongest in the city and projects in the immediate area achieving sellouts of well over $1,000/SF.
The property is located in the heart of Park Slope – which was recently ranked as the number one neighborhood to live in New York City by New York Magazine – and is less than half a block from the Fifth Avenue retail corridor, which is lined with some of the boroughs best boutique stores, restaurants and coffee shops.