1405 35Th StBrooklyn, NY 11218

This exceptional value-add investment opportunity presents a 6-unit, three-story apartment building located at 1405 35th Street in Brooklyn, New York, 11218. The property boasts a 24-foot wide lot spanning 2,400 square feet, offering significant redevelopment potential. Currently vacant, the building comprises six two-bedroom apartments, each featuring a living/dining area, full kitchen, and full bathroom. Individual gas and electric meters are located in the basement. The building is equipped with an oil boiler and gas water heater. The property requires a complete gut renovation, presenting a blank canvas for a savvy investor. The R5 (1.25) zoning with a C1-3 overlay (1.0) allows for diverse development options, including the potential conversion of the ground floor to commercial space. The building's layout allows for creative unit configurations, such as duplexing the first floor with the basement to create two spacious duplex apartments. Alternatively, a user could occupy a ground-floor unit or combine units to create a three-bedroom floor-through garden apartment, while renting the upper units for income generation. The property's location in a rapidly developing area, with new residential and commercial construction underway, ensures strong future appreciation. Convenient access to the F train at McDonald Avenue & Ditmas Avenue provides easy access to downtown Brooklyn and Manhattan. The surrounding area offers a vibrant mix of retail and dining options. The asking price is $2,000,000, with a pro-forma cap rate of 7.10% and a pro-forma NOI of $142,842. The building's last rental date was 2012. This is a unique opportunity to capitalize on a prime location and significant upside potential.