163 Veronica Place
Property Description
Suits Realty Investment Sales is proud to present 163 Veronica Place, an exceptional four-story, 8-unit residential apartment building in Flatbush, Brooklyn. Built in 2013 and meticulously maintained by its original owner, this +/- 6,350 SF property features a robust masonry skeleton, in-demand building systems, and virtually no deferred maintenance. The building consists of 8 rent-stabilized units generating an immediate yearly rent roll of $212,328.00. Because tenants are responsible for their own heat, hot water, gas, and electricity utilities, the asset delivers strong, dependable cash flow from day one. Currently 100% occupied, the property offers an impressive clear path to a projected annual rent roll of $338,124 upon natural unit turnover. Crucially, the building's 421-a tax abatement is set to expire in 2030, presenting a powerful future exit strategy or valueadd opportunity. Upon expiration, a new owner will have the legal flexibility to convert the building into a luxury condominium or transition the units to full, unregulated freemarket rent levels. Perfectly positioned between Tilden Avenue and Beverley Road, residents enjoy effortless commuting via the 2/5 train at Church Avenue and Beverley Road. Furthermore, the property sits just minutes away from Prospect Park, granting tenants immediate access to 526 acres of premier recreational space.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $3,900,000 |
| Year Built: | 2013 |
| Lot Size: | 6,350.00 Sq ft |
| Opportunity Zone: | No |
| Property Website | Click Here |
| Number of Bedrooms: | 0 |
| Number of Bathrooms: | 8 |
ID: 3yd-BMLSNY-505003
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