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Type:
Mixed Use
Sq Ft:
13,531
Units:
Property Description
Investment Property Realty Group (IPRG) is pleased to present 704 8th Avenue, a 13,531 SF, 15-unit mixed-use property located at the corner of 8th Avenue and 7th Street in Park Slope, Brooklyn. The building measures approximately 38 ft. x 93 ft. across four stories.
The property includes 13 residential units (9 free market and 4 rent stabilized) and 2 medical retail tenants (Podiatrist and Orthopedics) located directly across the street from New York-Presbyterian Brooklyn Methodist Hospital.
Major renovations have been completed, including:
• Full gut renovations on multiple residential units with new leveled flooring, panel-ready kitchens with stainless steel appliances,
new bathroom tiling and fixtures, split-system HVAC, recessed lighting, and new doors/hardware.
• Building-wide electrical upgrade.
• Common area improvements (tiling, flooring, lighting, painting, and landing designs).
Current gross income is approximately $958K, with pro forma gross income of $977K. At the $10.5M asking price, the property offers a 6.35% pro forma cap rate.
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Block & Lot:
01088-0035
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Neighborhood:
Park Slope
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Cross Streets:
7th & 8th Street
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Building Dimensions:
38 ft x 93 ft
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Lot Dimensions:
38 ft x 97.83 ft
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Units:
13
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Total Approx. SF:
13,531
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Zoning:
R7B
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FAR:
3.0
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Tax Class:
2
