385 Vernon Avenue

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Address: 385 Vernon Ave, Brooklyn, New York
Created date: December 1, 2023
Date last updated: December 1, 2023

Property Description

IPRG has been hired to sell 385 Vernon Avenue. The subject property is a new construction (2008) free market property featuring 16 large apartments (94% 3-bedroom units) and 6-parking spaces. The property is fully exposed on all sides and the tenants are responsible for paying their own heat and hot water. Located between Stuyvesant Avenue & Lewis Avenue in the Bedford-Stuyvesant section of Brooklyn, NY, the property is built 56 ft x 65 ft and offers approximately 14,615 square feet of space. 385 Vernon Avenue sits on a 65 ft x 89.25 ft lot. The property is located within close proximity to the J, M, & Z subway lines. The property can potentially be delivered with assumable financing for approximately $4,650,000 at a 4.7% interest rate until January 2026. This is a unique opportunity to acquire a new construction 16-unit in a strengthening NYC sub-market, with a good unit structure and low average rents, which will continue to benefit from pent up rental demand and the lack of supply of new construction and renovated units impacting NYC.

Key Property Information

Listing Status: Available
Listing Type: Highest & best offer
Multifamily type: Apartments
Price: $6,950,000
No. of Units: 16
Cap Rate: 6.11%
GRM /GIM: 11.75
Year Built: 2008
Building Size: 14,615 Sq ft
No. of Stories: 4
Opportunity Zone: No
Price per unit: $434,375
Address: 385 Vernon Ave, Brooklyn, New York

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