Type:
Multifamily
Sq Ft:
14,615
Units:
Property Description
IPRG has been hired to sell 385 Vernon Avenue. The subject property is a new construction (2008) free market property featuring 16 large apartments (94% 3-bedroom units) and 6-parking spaces. The property is fully exposed on all sides and the tenants are responsible for paying their own heat and hot water. Located between Stuyvesant Avenue & Lewis Avenue in the Bedford-Stuyvesant section of Brooklyn, NY, the property is built 56 ft x 65 ft and offers approximately 14,615 square feet of space. 385 Vernon Avenue sits on a 65 ft x 89.25 ft lot. The property is located within close proximity to the J, M, & Z subway lines.
The property can potentially be delivered with assumable financing for approximately $4,650,000 at a 4.7% interest rate until January 2026. This is a unique opportunity to acquire a new construction 16-unit in a strengthening NYC sub-market, with a good unit structure and low average rents, which will continue to benefit from pent up rental demand and the lack of supply of new construction and renovated units impacting NYC.
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Block & Lot:
01586-0044
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Neighborhood:
Bedford-Stuyvesant
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Cross Streets:
Lewis Ave & Stuyvesant Ave
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Building Dimensions:
56 ft x 65 ft
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Lot Dimensions:
65 ft x 89.25 ft
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Units:
16
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Total Approx. SF:
14,615
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Zoning:
R6B
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FAR:
2.0
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Tax Class:
2
