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Type:
MultifamilyInvestment Sales
Sq Ft:
17,600
Units:
Property Description
Investment Property Realty Group (IPRG) has been exclusively retained to arrange the sale of 93–95 India Street, a 20-unit apartment building located in the heart of Greenpoint, between Franklin Street and Manhattan Avenue. The property is built 50 ft. x 88 ft. on a 50 ft. x 100 ft. lot.
The building has undergone significant capital improvements, with common areas and 12 of the 20 apartments fully gut renovated. These units are achieving free market rents, bringing the property to 60% free market by unit count and 85% free market by revenue. Given the supply-constrained nature of the New York City rental market and continued demand in the area, there is a clear path for further rent growth.
Several units feature unique layouts and amenities, including two ground-floor duplex apartments, one ground-floor unit with exclusive access to the backyard via a private internal door and deck, and three top-floor units with internal stair bulkheads leading to private, fenced roof decks.
The asset benefits from a predictable expense profile, with real estate taxes fully allocated at approximately 29% of gross revenue. As Greenpoint continues to establish itself as one of Brooklyn’s premier residential neighborhoods, 93–95 India Street presents an opportunity to acquire a well-capitalized, largely repositioned mid-sized apartment building with in-place cash flow and remaining upside in a strong rental market.
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Block & Lot:
02532-0066
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Neighborhood:
Greenpoint
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Cross Streets:
Franklin Street & Manhattan Avenue
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Building Dimensions:
50 ft x 88 ft
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Lot Dimensions:
50 ft x 100 ft
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Units:
20
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Total Approx. SF:
17,600
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Zoning:
R6B
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FAR:
2.0
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Tax Class:
2
