287 Mcguinness BlvdBrooklyn, NY 11222

For Sale
$16,000,000

Prime Brooklyn investment opportunity: 30 units, high NOI.

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional multifamily investment opportunity consists of three adjacent buildings located at 287, 293, and 299 McGuinness Boulevard in Brooklyn, New York, 11222. The portfolio comprises a total of 30 units across three 15-story buildings, encompassing 31,023 square feet on a 7,000 square foot lot. Each building offers a mix of two to six-bedroom apartments, all equipped with in-unit washer/dryers. The property boasts a strong net operating income (NOI) of $1,252,929, resulting in an attractive 7.83% capitalization rate. The asking price is $16,000,000, translating to $516 per square foot and $533,333 per unit. Currently zoned R6A, the property benefits from a 421a tax abatement, expiring in 2027. Its prime location offers convenient access to local amenities, including restaurants, nightlife, parks, and public transportation, being just 1.5 blocks from the Greenpoint Avenue G train station. This is an ideal investment for those seeking a well-maintained, high-performing multifamily portfolio in a rapidly developing Brooklyn neighborhood. The property is classified as Tax Class 2B.

Highlights

  • Three adjacent walk-up buildings, each with 10 units.
  • Unit sizes range from two to six bedrooms.
  • 421a tax abatement expires 2027.
  • In-unit washer/dryer in each unit.
  • Tax Class 2B.
  • Excellent location near restaurants, nightlife, parks, and easy access to other boroughs.

Property Details for 287 Mcguinness Blvd

Property type
Multifamily properties, Apartment buildings
Square Feet
31,023 SF
Buildings
3
Stories
15
Units
30

Location Insight

City
Brooklyn
County
Kings
State
New York
Latitude
40.7319725
Longitude
-73.9521331
287 Mcguinness Blvd, Brooklyn, New York

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287 Mcguinness Blvd
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