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Niels Pennings

niels@nielspennings.com +1(917) 583-2567

$ 1,350,000

Est. payment -/mo

Save

Price Dropped by $49K

487 E 93rd ST East Flatbush, NY 11203

16 Beds

5 Baths

3,000 SqFt

UPDATED:

11/03/2024 03:59 AM

Key Details

Property Type Multi-Family

Sub Type Multi Family

Listing Status Active

Purchase Type For Sale

Square Footage 3,000 sqft

Price per Sqft $450

MLS Listing ID 3568800

Style Other

Bedrooms 16

Full Baths 5

Originating Board onekey

Rental Info No

Year Built 1930

Annual Tax Amount $10,881

Lot Size 3,049 Sqft

Acres 0.07

Lot Dimensions 30x100

Property Description

Legal 4 family with legal 3 bedroom basement for additional income! Discover an incredible investment opportunity with this well-maintained five-family property in the heart of East Flatbush, Brooklyn. Perfectly suited for investors looking to generate substantial rental income, this property offers a blend of modern amenities and classic charm in a prime location. Property Features: Four Family Units: This property features four spacious and independent family units, each with its own entrance, ensuring privacy and convenience for tenants. Legal Basement Unit: An additional legally finished basement unit adds a fifth income-generating residence, maximizing rental potential. Outdoor Space: A private backyard provides a perfect space for outdoor activities or relaxation. Recent Upgrades: New Roof: A recently installed roof ensures long-term durability and reduced maintenance costs. New Boiler: A brand-new boiler enhances energy efficiency and ensures comfortable living conditions for tenants. Prime Location: Convenient Access: Located on a quiet, tree-lined street, yet close to major transportation routes, shopping, dining, and entertainment options. Community Amenities: Proximity to local schools, parks, and community centers adds to the appeal for families and tenants. Investment Highlights: Income Potential: With five fully separate units, this property is ideal for investors seeking robust rental income. Free market rentals: As a free market property, the owner has full control over setting rental rates, allowing for flexible and competitive pricing High Demand Area: East Flatbush is a sought-after neighborhood with a strong rental market, ensuring high occupancy rates and rental demand. PROPERTY DETAILS: TAXES $9457 ? Multi-Family Property ? Two-story walk-up ? 5 Units ? Lot Size: 30 ? 100ft ? Brand new boiler and plumbing throughout building CURRENT RENT ROLL: ? Apt 1F: $2,040 ? Apt 1R: $2,417 ? Apt 2F: $3,385 ? Apt 2R: $2,387 ? Basement: $2,696 ? Total Income: $12,985 ? Yearly Gross Income: $155,820 EXPENSES: ? Approximately $25,000 CAP RATE: ? $165,000 (total income) - $25,000 (expenses) = $140,000 Potential Net Income

Location

State NY

County Brooklyn

Rooms

Basement See Remarks

Kitchen 5

Interior

Interior Features Eat-in Kitchen, Entrance Foyer

Heating Natural Gas, Baseboard, Steam

Cooling None

Flooring Hardwood

Fireplace No

Exterior

Garage Private, Other

Fence Fenced

Parking Type Private, Other

Total Parking Spaces 2

Garage false

Building

Lot Description Near Public Transit

Sewer Other

Water See Remarks

Level or Stories Two

Structure Type Other,Brick

New Construction No

Schools

Middle Schools Brooklyn Institute For Liberal Arts

High Schools Brooklyn Academy Of Sci & Environ

School District Brooklyn 17

Others

Senior Community No

Special Listing Condition None

Listed by Exit Realty First Choice • 718-380-2500

Niels Pennings

Real Estate Advisor | RES.RES.0814910

+1(917) 583-2567

Niels Pennings

487 E 93rd ST East Flatbush, NY 11203

Key Details

Location

Rooms

Interior

Exterior

Building

Schools

Others

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487 E 93rd ST