Brooklyn’s Best Investment
824 De Kalb Avenue, Brooklyn, NY 11221
Turnkey 4-Family in Bedford-Stuyvesant – 5.8% Cap Rate
This turnkey, income-producing 4-family property in Bedford-Stuyvesant presents a great investment opportunity with a strong 5.8% cap rate and immediate cash flow. The fully leased building comprises a spacious 4-bedroom, 2-bath duplex, and three well-appointed 3-bedroom, 2-bath units.
Key Features:
• Free Market & 421a Units: Two units are free market, while the other two benefit from 421a status for five more years. Afterward, they will convert to free market, offering upside potential.
• Low Property Taxes: With 421a tax benefits, property taxes are low at approximately $1,000 annually for the next five years, increasing to $5,000 after the 421a period ends.
• Spacious & Modern Units: All units feature large bedrooms, modern kitchens with stainless steel appliances (including gas stoves and dishwashers), hardwood floors, central air/heat, and video intercoms.
• Duplex Unit: The 4-bedroom duplex comes with a finished basement and a private backyard garden.
• Shared Rooftop: Tenants have access to a shared rooftop, enhancing the appeal of the property.
• Washer/Dryer: One unit has an in-unit washer/dryer, with potential to add this feature to other units for increased rental value.
Condition & Growth Potential:
• Recently Renovated: The property was renovated six years ago and is in excellent condition.
• Below Market Rents: Current rents are potentially below market, with significant room for growth as leases renew and the 421a units convert to free market status.
This well-maintained property provides strong returns now, with substantial rent growth potential in the future. © 2024 OneKey™ MLS, LLC