423 Clermont AveBrooklyn, NY 11238

For Sale
$3,995,000

Four-unit Brooklyn townhouse, high ROI.

Overview

Added:
Dec 11, 2024
Days on market:
96
This four-unit, Class A apartment building in Brooklyn's desirable Fort Greene neighborhood presents a compelling value-add investment opportunity. The property, built in 1931 and renovated four years ago, boasts 3,120 square feet of net rentable space across four units, each with separate meters. Currently operating at 50% occupancy, with a projected full occupancy date of October 1, 2024, the property offers a current NOI of $131,980 and a pro-forma NOI of $166,480, translating to a 3.30% current cap rate and a projected 4.17% pro-forma cap rate. The asking price is $3,995,000, or $998,750 per unit, and the price per square foot is $1,280.45. Situated on a 2,000 square foot lot, the building is four stories high and zoned R6B. The flexible layout allows for multiple income streams or the possibility of creating a luxurious owner's triplex by combining the parlor, garden, and cellar levels. The spacious cellar offers significant potential for added value. The property's prime location, near the A/C subway lines, Atlantic Terminal, Barclays Center, Fort Greene Park, and numerous amenities, ensures strong rental demand and long-term appreciation potential. Two units will be delivered vacant, allowing for immediate leasing and premium rent generation. This turnkey investment offers a blend of immediate income and substantial long-term growth potential.

Property Details for 423 Clermont Ave

Property type
Multifamily properties, Apartment buildings
Square Feet
3,120 SF
Class
A
Year Built/Renovated
1931/4
Buildings
1
Stories
4
Units
4

Location Insight

City
Brooklyn
County
Kings
State
New York
Latitude
40.6849196
Longitude
-73.9689736
423 Clermont Ave, Brooklyn, New York

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423 Clermont Ave
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