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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
Nearby Similar for Sale
For Sale
$4,700,000
Crown Heights 17-Unit Multifamily
Prime Brooklyn investment opportunity. High cash flow.
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The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
By using this service, you acknowledge and accept that all estimates are provided for informational purposes only and that this website assumes no liability for any reliance on the provided valuations.