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Bedford-Stuyvesant, Brooklyn, NY

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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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  • Cross Streets:

    Lewis Ave & Stuyvesant Ave

  • Building Dimensions:

    56 ft x 65 ft

  • Lot Dimensions:

    65 ft x 89.25 ft

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