232 Kingsland Avenue

Description

Unlock the Investment Potential of 232 Kingsland Avenue Nestled in the vibrant Greenpoint neighborhood of Brooklyn, this 6-family property presents an exceptional opportunity for investors and end-users alike. With a perfect balance of immediate cash flow and future income growth, this property is a gem waiting to be claimed. Key Features: Vacancy Opportunity: Two owner-occupied units (1L & 1R) will be delivered vacant, offering the potential to generate 3,000+/month each post-renovation, with higher rents possible depending on finishes. Current Rent Roll: Unit 1L: Owner-occupied (3,000 potential rent) Unit 1R: Owner-occupied (3,000 potential rent) Unit 2L (Rent-Stabilized): 2,196.15/month (Lease in place) Unit 2R (Market-Rate): 2,250/month (Month-to-month) Unit 3L (Rent-Stabilized): 2,020.48/month (Lease in place) Unit 3R (Market-Rate): 2,250/month (Month-to-month) Separate Electrical and Gas Meters: Each unit has its own meter for simplified utility billing. Financial Highlights: Total Annual Operating Expenses: 17,575 Current NOI: 85,025 Post-Renovation NOI: 156,785 Cap Rate: 6.53 (projected) Operating Expenses Breakdown: Water: 3,000 | Insurance: 6,315 | Taxes: 6,750 Prime Location: Situated near the G train (Nassau Ave) and L train (Graham Ave), this property offers seamless access to Manhattan and other parts of Brooklyn. Surrounded by parks, trendy restaurants, and boutique shops, it's a highly desirable location for tenants seeking convenience and lifestyle. Why Invest? Perfect for 1031 exchanges or portfolio expansion, this property blends stability and growth. Rent-stabilized units ensure steady income, while market-rate units offer flexibility. Greenpoint's dynamic neighborhood enhances appreciation potential. Contact: Reach out to the listing agent for further details. Note: All information is deemed reliable but not guaranteed. Verify independently.