397 Fifth Avenue
$5,375,000
($1,404 per ft2)
| 8 beds, 5 baths | Approx. 3,828 ft2
87 days on Market
Key Details
-
Listed: Aug 26, 2024Last Price Change: ($725,000) on Oct 4Days on Market: 87Building Type: CondominiumNeighborhood: Park Slope (Brooklyn)
Monthly Real Estate Taxes:
$601
Total Taxes & Fees:
$601
($0.16/ft2)
Est. Monthly Mortgage:
$28,521
Mortgage calculator
Total Est. Monthly Carrying Cost:
$29,122
($7.61/ft2)
Note: the above is based on a down payment of 20% ($1,075,000),
which is the minimum amount permitted by the building.
Insider Highlights
- Prime Location: This property is located in the highly sought-after Park Slope neighborhood of Brooklyn, on 5th Avenue, a high foot traffic area that ensures maximum visibility and accessibility.
- Strong Investment: The property is fully occupied with a diverse tenant mix, including the popular Flatiron Steakhouse - Park Slope, and yields a 5.2% cap rate, reflecting a strong return on investment.
- Turnkey Condition: The building is in excellent condition, requiring no immediate renovations or repairs, and has a well-maintained infrastructure, ensuring a stable income.
- Rich History: Built in 1899, this condominium property has a rich history and offers potential tax and ownership benefits.
- Affordable Ownership: With low monthly real estate taxes and fees, this property is a cost-effective investment.
- Spacious and Profitable: The large property, approximately 3,828 square feet, includes four 2-bedroom rental units and a retail space, offering six or more bedrooms and five bathrooms. This is a rare investment opportunity in a thriving area with a solid track record of demand and profitability.
Description
**Prime Park Slope Investment Opportunity: 397 5th Avenue, Brooklyn**
Discover a meticulously maintained, three-story mixed-use building in the bustling retail corridor of 5th Avenue in Park Slope, Brooklyn. This property represents a rare investment opportunity in one of Brooklyn’s most desirable neighborhoods.
Situated on a high foot traffic section of 5th Avenue, the building enjoys maximum visibility and accessibility. It is currently fully occupied, featuring a diverse tenant mix.
The residential component includes four well-appointed 2-bedroom rental units, each with desirable front and back layouts. The retail space is leased to the popular Flatiron Steakhouse - Park Slope, ensuring a steady stream of rental income. Based on actual and projected rent rolls, this property easily yields a 5.2% cap rate, reflecting a strong return on investment, already demonstrating a robust and reliable rent roll. This makes it an attractive option for investors seeking both stability and growth. In excellent, turnkey condition, the building requires no immediate renovations or repairs, allowing for a seamless transition and continued revenue generation.
This exceptional property combines a prime location, stable income, and well-maintained infrastructure, making it a valuable addition to any real estate portfolio. Don’t miss this opportunity to invest in a thriving area with a solid track record of demand and profitability.
The residential component includes four well-appointed 2-bedroom rental units, each with desirable front and back layouts. The retail space is leased to the popular Flatiron Steakhouse - Park Slope, ensuring a steady stream of rental income. Based on actual and projected rent rolls, this property easily yields a 5.2% cap rate, reflecting a strong return on investment, already demonstrating a robust and reliable rent roll. This makes it an attractive option for investors seeking both stability and growth. In excellent, turnkey condition, the building requires no immediate renovations or repairs, allowing for a seamless transition and continued revenue generation.
This exceptional property combines a prime location, stable income, and well-maintained infrastructure, making it a valuable addition to any real estate portfolio. Don’t miss this opportunity to invest in a thriving area with a solid track record of demand and profitability.
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Listing courtesy of
Compass
Pricing History
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