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Type:
Multifamily
Sq Ft:
26,102
Units:
Property Description
Investment Property Realty Group (IPRG) is pleased to exclusively present the Bay Ridge 8 Free-Market Assemblage. This free-market portfolio is compromised of a block-through assemblage of 8 three-family buildings on separate tax lots with significant value-add potential in a prime location of the Bay Ridge neighborhood of Brooklyn. These properties are located at 328, 330, 332, and 334 96th Street and 317, 321, 323, and 325 97th Street.
This offering is a combined total of 8 buildings consisting of 24 free market apartments, 8 garages, and large backyard space. The subject properties were built in 1980 and total approximately 26,102 square feet on separate tax lots that are block-through and measures approximately 100 ft wide by 200 ft deep and are zoned R4-1, BR. The properties are in the highly sought after protected Tax Class 1 and offer the end-user a rare opportunity to acquire 24 free market units in this tax class.
The properties are situated off the prime 3rd avenue retail corridor & less than 2 blocks away from the Bay Ridge – 95th Street [R] Subway Station.
Investment Highlights
- Once in a lifetime opportunity to acquire economies of scale of free-market units in a highly supply constrained submarket
- Block-through assemblage of 8 three-family buildings with 8 garages and large backyard space – 4 contiguous buildings on 96th street, and 4 contiguous buildings directly behind on 97th Street
- Prime Bay Ridge location on 96th and 97th Street between 3rd and 4th Avenue
- 100% Free-Market and in protected Tax Class 1- rent growth outpaces expenses
- Significant value-add opportunity – current rent roll averaging $22/SF in a market achieving $35-$40/SF
- Unit mix includes (8) 1-BR units and (16) 3-BR / 1.5-BA units
- First time ever offered for sale – Generational family ownership
- Block-through lots measuring approximately 100 ft wide x 200 ft deep offering future development potential
- Short walk to Bay Ridge 95th Street [R] Train Station
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Block & Lot:
06122 & 0018, 0019,
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Neighborhood:
Bay Ridge
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Cross Streets:
3rd & 4th Avenue
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Building Dimensions:
21 x 52.5, 20 x 57
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Lot Dimensions:
21 x 97, 20 x 102.75
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Units:
24
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Total Approx. SF:
26,102
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Zoning:
R4-1, BR
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FAR:
.75
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Tax Class:
1
