577 New Lots AveBrooklyn, NY 11207

This well-maintained 11-unit apartment building in Brooklyn, New York, presents a compelling investment opportunity. Located at 577 New Lots Avenue, this Class B property boasts 5,778 square feet of net rentable space and was built in 1915. A significant renovation in 2015 ensures minimal immediate capital expenditure needs. The building benefits from a protected 2B Tax Class, limiting annual tax increases to a maximum of 8% or 30% over five years. Eight of the eleven residential units are rent-stabilized, yet current leases offer preferential rents, presenting a potential 15% upside in legal rents. Each unit enjoys excellent light and air thanks to side and rear air shafts, contributing to efficient layouts. Tenants are responsible for their own electric, heat, and hot water, minimizing landlord expenses. The property's convenient location, within two blocks of the 3-train at Van Siclen Avenue, provides easy access to Atlantic Terminal and the Financial District within 30-45 minutes. The asking price is $2,250,000, offering a 7.25% capitalization rate. This property is ideal for investors seeking a stable, low-maintenance income stream with significant upside potential.