1494 & 1557 DEKALB AVENUE, BROOKLYN, NY
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1494 & 1557 DEKALB AVENUE, BROOKLYN, NY 2 biens | Immeuble residentiel | À vendre | 2 125 740 € | Brooklyn, NY
Certaines informations ont été traduites automatiquement.
INFORMATIONS PRINCIPALES SUR L'INVESTISSEMENT
- Immediate Upside Potential
- Prime Bushwick Location
- Operational Efficiency
- Stable Income with Growth
- Low Basis
RÉSUMÉ ANALYTIQUE
Investment Property Realty Group (IPRG) is pleased to present 1557 & 1494 DeKalb Avenue, two contiguous multifamily buildings in vibrant Bushwick, Brooklyn. This 13-unit portfolio, spanning 12,560 square feet, features a mix of rent-stabilized and free market apartments with strong cash flow and value-add potential. Priced at $2,495,000, the properties generate a current NOI of $146,501 (5.87% cap rate). Upon leasing the vacant units in 1557 DeKalb Avenue, the pro forma NOI reaches $176,513, yielding a 7.07% cap rate. Located near the L train and trendy amenities, this portfolio is a prime investment opportunity in a high-demand market.
Overview
• 1494 DeKalb Avenue: 25’ x 60’, 5 units (3 rent-stabilized, 2 free market), 4,500 SF, $136,262 annual gross income.
• 1557 DeKalb Avenue: 31’ x 65’, 8 units (all rent-stabilized, 2 vacant), 8,060 SF, $117,217 current gross income ($150,608 pro forma after leasing vacant units).
Financial Snapshot
• Current: $253,479 gross income, $245,875 EGI, $146,501 NOI, 5.87% cap rate, 9.84 GRM, $178,214 PPU, $198.65 PPSF.
• Pro Forma (with 1557 DeKalb vacant units leased): $286,870 gross income, $278,264 EGI, $176,513 NOI, 7.07% cap rate, 8.70 GRM.
Investment Highlights
•Immediate Upside Potential: Leasing two vacant rent-stabilized units in 1557 DeKalb at market rates boosts the cap rate to 7.07%. Four free market units in 1494 DeKalb allow for further rent increases through renovations or market adjustments, enhancing NOI.
• Stable Income with Growth: The mix of rent-stabilized (9 units) and free market (4 units) units ensures consistent cash flow while offering flexibility for revenue optimization. Pro forma projections reflect conservative rent increases, with potential for additional upside via operational efficiencies.
• Prime Bushwick Location: Positioned in a high-demand neighborhood with a 20-minute commute to Manhattan via the L train, the properties benefit from proximity to vibrant retail, dining (e.g., Roberta’s Pizza), and cultural attractions like the Bushwick Collective. Low vacancy rates and rising rents (up 108% since 2010) underscore strong market fundamentals.
• Low Basis: At asking price, the going in basis equates to $198 per SF well below replacement cost. In comparison, mostly deregulated properties in the neighborhood sell $600-$800 per SF.
• Operational Efficiency: Managing both buildings together offers economies of scale for maintenance, management, and utilities, reducing costs and boosting returns. No major capital expenditures are required, ensuring immediate yield.
Overview
• 1494 DeKalb Avenue: 25’ x 60’, 5 units (3 rent-stabilized, 2 free market), 4,500 SF, $136,262 annual gross income.
• 1557 DeKalb Avenue: 31’ x 65’, 8 units (all rent-stabilized, 2 vacant), 8,060 SF, $117,217 current gross income ($150,608 pro forma after leasing vacant units).
Financial Snapshot
• Current: $253,479 gross income, $245,875 EGI, $146,501 NOI, 5.87% cap rate, 9.84 GRM, $178,214 PPU, $198.65 PPSF.
• Pro Forma (with 1557 DeKalb vacant units leased): $286,870 gross income, $278,264 EGI, $176,513 NOI, 7.07% cap rate, 8.70 GRM.
Investment Highlights
•Immediate Upside Potential: Leasing two vacant rent-stabilized units in 1557 DeKalb at market rates boosts the cap rate to 7.07%. Four free market units in 1494 DeKalb allow for further rent increases through renovations or market adjustments, enhancing NOI.
• Stable Income with Growth: The mix of rent-stabilized (9 units) and free market (4 units) units ensures consistent cash flow while offering flexibility for revenue optimization. Pro forma projections reflect conservative rent increases, with potential for additional upside via operational efficiencies.
• Prime Bushwick Location: Positioned in a high-demand neighborhood with a 20-minute commute to Manhattan via the L train, the properties benefit from proximity to vibrant retail, dining (e.g., Roberta’s Pizza), and cultural attractions like the Bushwick Collective. Low vacancy rates and rising rents (up 108% since 2010) underscore strong market fundamentals.
• Low Basis: At asking price, the going in basis equates to $198 per SF well below replacement cost. In comparison, mostly deregulated properties in the neighborhood sell $600-$800 per SF.
• Operational Efficiency: Managing both buildings together offers economies of scale for maintenance, management, and utilities, reducing costs and boosting returns. No major capital expenditures are required, ensuring immediate yield.
INFORMATIONS SUR L’IMMEUBLE
| Prix | 2 125 740 € | Nb de biens | 2 |
| Prix/m² | 1 822 € / m² | Individuellement en vente | 0 |
| Taux de capitalisation | 5,87 % | Surface totale de l’immeuble | 1 167 m² |
| Type de vente | Investissement | Surface totale du terrain | 0,05 ha |
| Statut | Actif |
| Prix | 2 125 740 € |
| Prix/m² | 1 822 € / m² |
| Taux de capitalisation | 5,87 % |
| Type de vente | Investissement |
| Statut | Actif |
| Nb de biens | 2 |
| Individuellement en vente | 0 |
| Surface totale de l’immeuble | 1 167 m² |
| Surface totale du terrain | 0,05 ha |
Biens
| NOM DU BIEN/ADRESSE | TYPE DE BIEN | SURFACE | ANNÉE DE CONSTRUCTION | PRIX INDIVIDUEL |
|---|---|---|---|---|
| 1557 Dekalb Ave, Brooklyn, NY 11237 | Immeuble residentiel | 749 m² | 1931 | - |
| 1494 Dekalb Ave, Brooklyn, NY 11237 | Immeuble residentiel | 418 m² | 1931 | - |
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CONTACTS
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Justin Zeitchik -
Derek Bestreich -
Steve Reynolds -
Tom Reynolds -
Brian Davila -
Investment Property Realty Group
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1494 & 1557 DEKALB AVENUE, BROOKLYN, NY
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