688 Washington AveBrooklyn, NY 11238

For Sale
$2,750,000

5-Unit Prospect Heights Investment

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional mixed-use property, located at 688 Washington Avenue in the vibrant Prospect Heights neighborhood of Brooklyn, New York, presents a compelling investment opportunity. The three-story building encompasses 2,793 square feet and features five units: four recently renovated free-market apartments and one commercial unit. All residential units boast updated appliances and split-system heating and cooling, with tenants responsible for all utilities except hot water. The building enjoys 100% occupancy, generating a current Net Operating Income (NOI) of $159,169 and a 5.79% capitalization rate. Pro forma projections indicate a NOI of $175,314 and a 6.38% cap rate, showcasing significant upside potential. Its prime location offers easy access to multiple subway lines (N, R, W, B, Q, 2, 3, 4, and S), and proximity to Prospect Park adds to its desirability. The asking price is $2,750,000, translating to $984.60 per square foot. This is a rare chance to acquire a well-maintained, high-performing asset in a thriving Brooklyn neighborhood. The property's strong cash flow, excellent location, and potential for future appreciation make it an ideal addition to any investment portfolio. The building's current strong occupancy and recent renovations further enhance its appeal. This is a turn-key investment ready for immediate income generation.

Highlights

  • $2,750,000 asking price for a core mixed-use investment.
  • 2,793 square feet, 5-unit building with a $984.60 price per square foot.
  • 5.79% cap rate, with a pro-forma cap rate of 6.38%.
  • 100% occupancy, generating a $159,169 NOI and a pro-forma NOI of $175,314.
  • Located at 688 Washington Ave, Brooklyn, NY 11238, near Prospect Park and multiple subway lines.

Property Details for 688 Washington Ave

Property type
Other mixed-use properties, Mixed-use properties
Square Feet
2,793 SF
Buildings
1
Stories
3
Units
5

Location Insight

City
Brooklyn
County
Kings
State
New York
Latitude
40.6773543
Longitude
-73.9639267
688 Washington Ave, Brooklyn, New York

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688 Washington Ave
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