Classic Fort Greene Brownstone - Cash Flowing with 5. 5% Projected Cap Rate
Discover a charming piece of Fort Greene history in this well-preserved four-story brownstone, where classic craftsmanship meets contemporary comfort. This handsome building showcases soaring ceilings, original hardwood floors, opulent crown moldings, distinctive arches, and tall windows on both sides of the building that allow unobstructed light to shine in. Beyond its architectural appeal, this 7-unit building presents an exceptional investment opportunity, offering an impressive projected net operating income of $137K and an attractive 5. 5% cap rate at asking price in one of Brooklyn's most coveted neighborhoods.
The building's versatile layout includes four market-rate units on the parlor and 2nd floors, complemented by three rent-stabilized units on the ground and 3rd floors. This configuration presents an ideal scenario for investors seeking strong returns or owner-occupants interested in converting the parlor and 2nd floors into a spacious duplex while maintaining excellent income from the remaining units.
All units have been consistently maintained and kept up to date aesthetically, ensuring that should the building remain an investment with the same unit distribution, no cosmetic improvements will be needed. The property's fully occupied status, with meticulously screened and reliably paying tenants, provides immediate stability for any investor.
Located in an optimal area, this brownstone offers unparalleled access to all of the citys amenities. Enjoy proximity to more train lines than anywhere else in the city, putting all of New York at your doorstep. The vibrant neighborhood boasts some of Brooklyn's hottest restaurants such as Thea, Miss Ada, and Evelina, the renowned Brooklyn Academy of Music (BAM), and beloved Fort Greene Park, all within blocks.
While situated near some of Brooklyn's most desirable landmarked blocks, this property is not itself on a preserved block. With 2000 sq ft of unused FAR, there are many possibilities for development, allowing investors to maximize the property's potential.
A true gem in Fort Greene, this beautiful, classic brownstone presents an unbeatable combination of architectural integrity, location, and investment credentials. Whether you're an investor seeking strong returns or an end-user looking for a home with income potential, this property offers outstanding opportunities in one of Brooklyn's most desirable neighborhoods.
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NMLS Mortgage Loan Originator ID 1880936
5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
---|---|---|---|
Loan Amount | $2,000,000 | $2,000,000 | $2,000,000 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 5.750% | 6.500% | 6.000% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 6.697% | 6.597% | 6.158% |
Monthly Tax Payment | $1,368 | $1,368 | $1,368 |
H/O Insurance Payment | $125 | $125 | $125 |
Initial Principal & Interest Pmt | $11,671 | $12,641 | $16,877 |
Total Monthly Payment | $13,164 | $14,134 | $18,370 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.