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1349 57th St

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Address: 1349 57th St, Brooklyn, NY 11219, USA

New York & Tri-State + Apartment Buildings

Created date: November 14, 2024

Date last updated: November 14, 2024

Property Description

RENT STABILIZED. Discover this exceptional investment property-a well-maintained legal 6-family building in the heart of Borough Park. Each of the six units offers 2 bedrooms and 1 bathroom, totaling 4 rooms per unit. Five of the six units are currently occupied, with one vacant, providing immediate potential for increased rental income. With a gross annual income of approximately $94,481, this property promises solid returns. Current rent rolls are as follows: Unit 1 collects $1,320/month (lease ends January 30, 2025), Unit 2 collects $792/month (lease ends January 30, 2025), Unit 3 collects $1,600/month (lease ends June 30, 2025), Unit 4 is vacant but can be rented at $1,130.40/month, Unit 5 collects $1,561/month (lease ends January 30, 2025), and Unit 6 collects $1,470/month (lease ends December 30, 2025). The current annual expenses are as follows: Boro Fuel, $12,888; Water, $9,861; Insurance, $4,836; Electricity, $720; Property Taxes, $23,022. This property offers a prime value-add opportunity with upcoming vacancies and potential rent adjustments. Recent upgrades include a new boiler, new roof, four new refrigerators, and three new ovens, and the current landlord has diligently kept up with maintenance, ensuring the building is in pristine condition. This is a rare chance to acquire a well-maintained, income-producing property with substantial growth potential. Don't miss out on this investment opportunity! As per the seller's request, all showings must be scheduled by appointment only. The seller requires that all interested buyers provide either a proof of funds statement or an up-to-date pre-approval letter to schedule an appointment. Disclaimer: All information provided is deemed reliable, but is not guaranteed and should be independently verified.

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Key Property Information

Listing Status:	Unavailable
Listing Type:	Call for offers
Property Types:	Apartment Buildings
Price:	$1,500,000
Year Built:	1920
Lot Size:	2,504.00 Sq ft
Opportunity Zone:	No