Overview

The 26-unit multifamily building at 225 13th Street is now offered for sale. The property is located on 13th Street between 4th Avenue and 5th Avenue-just four blocks from Prospect Park-in the Park Slope neighborhood of Brooklyn.

The property is comprised of four 3-bedroom, 1-garden 3 bedroom/2 BA with Private yard, four 2-bedroom and seventeen 1-bedroom apartments. Three of the 1-bedroom units have private decks.

The building currently produces rental income of approximately $656,000. Management has made considerable renovations to the building to ensure that expenses stay low. With gas, heat and hot water, coupled with partial J51 tax abatement, expenses are anticipated to run annually at approximately 20% of gross income. The asset’s low expenses offer investors a rare opportunity to acquire a prime Park Slope Multifamily building with a 6.0% yield on investment in year one of operation.

There is also considerable upside in the offering as the current average rent in 225 13th Street is approximately $32/SF. New construction developments are high end conversion projects in the immediate area are achieving rents exceeding $50/SF.

The building is within easy walking distance of the R, F and G trains at the 4th Avenue subway station and just two stops from Atlantic Terminal and Barclays Center, providing access to the D,M,N,R,B,Q,2,3,4,5 Trains plus the LIRR.