1345 Dekalb AveBrooklyn, NY 11221

This exceptional value-add opportunity presents a mixed-use property located at 1345 Dekalb Avenue in the vibrant Bushwick neighborhood of Brooklyn, New York. The property comprises two buildings situated on a single tax lot, offering a total of 12 residential units and ground-floor commercial space. The front building houses eight multifamily units, including seven two-bedroom/one-bathroom apartments and one studio apartment, along with the commercial space. The rear building features three additional units: one three-bedroom/one-bathroom apartment and two two-bedroom/one-bathroom apartments. Built in 1930, this 7,260 square foot property sits on a 3,500 square foot lot and is zoned R6. The property boasts oversized apartments with below-market rents, presenting a significant opportunity for rental increases. Three units are rent-stabilized. Currently, the property has a 90% occupancy rate, with full occupancy projected by November 1, 2024. The current NOI is $179,398, with a pro-forma NOI of $220,693, reflecting a 7.63% cap rate and a pro-forma cap rate of 9.39%. The asking price is $2,350,000. Recent upgrades include water-saving devices installed in all units and various building and apartment renovations. This property offers a compelling investment opportunity in a highly desirable location, between Knickerbocker and Myrtle Avenues. The property is classified as a Class B building with a 4-story structure.