Twenty Unit Multifamily Building
310 12th Street
Closed 03/15/2016 at
Long Island Rail Road
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The property is located on 12th Street between 5th Avenue and 6th Avenue – just three blocks from Prospect Park – in the Park Slope neighborhood of Brooklyn.
The property is compromised of one 4-bedroom apartment with side yard access, six 3-bedroom apartments and thirteen 2-bedroom apartments. The property consists of 8 free-market apartments and 12 rent stabilized apartments. All of the free-market units have been fully renovated with high end finishes.
The building is 50 feet wide and totals 14,644 SF. The gross annual income on the property is around $529,293 and the NOI is around $390,868. There is significant upside in the rents as the average price/SF from the rent stabilized units is around $23/SF in a market where renovated units achieving $65/SF. The rent stabilized units are all large 2 bedroom units that can easily be converted to three bedroom apartments.
Park Slope continues to be one of the strongest and most established sub-markets in the New York City area, yet there is still a shortage of supply to satisfy the demand for high-end rental units as well as co-ops and condos. As a result of this tight inventory for housing, condo and co-op pricing in the heart of Park Slope is $1,500/SF and the rental market is around the $65/SF range.
The building is within easy walking distance of the F and G trains at the 7th Avenue subway station and just two stops from the Atlantic terminal and Barclays Center, providing access to the D,B,N,Q,R,2,3,4,5 trains and the LIRR.
By the 1990’s, New Yorkers flocked to Park Slope transforming the neighborhood into a haven for families, young professionals and hip locally-owned businesses that would eventually be replicated in Fort Greene and Carroll Gardens. In 2011, New York Magazine ranked Park Slope as the No. 1 “Most Livable Neighborhood in New York,” surpassing every other neighborhood in the city for retail amenities, restaurants, nightlife, schools, safety and green space.