East Flatbush, Brooklyn, NY, 11203 - United States
89 East 46th Street
Beyond Capital is excited to present the disposition of 89 East 46th Street, a three family which is currently occupied but can be delivered vacant. The strong demand for sales and rentals continues to drive the residential market in East Flatbush, offering investors and/or developers the opportunity to acquire an asset with considerable long-term upside as either a long term rental property or condominium conversion in the coming years.
The property is 3,600 sq ft, containing 3 fully renovated residential units, each having a 3 three-bedroom layout, with a common laundry room for tenants in the basement and two parking spots. The first floor apartment also has a basement unit that is currently being rented. The potential to duplex the basement and the first floor must be consulted with an Architect.
The property is a 20’ x 100’ lot with R6 zoning and includes 1,260 sq ft of air rights for expansion. The building was constructed in 2006 and has been renovated within the last few years.
The property is perfectly situated within walking distance to three major hospitals and 12+ medical facilities within a 7 mile radius creating a high demand for housing.
The subject property offers an existing rent roll in place with medical professionals currently living on a month to month lease with the intent to do an annual lease. The current tenant manages all three units and provides housing for medical professionals in the neighborhood. The property is close to all transportation. Walking distance to the Kingsbrook, Kings County & SUNY Downstate Medical Centers.
Current CAP rate is 6.12%. Total annual net income is $90,110.44 Setup available upon request. Minimum 24 hours notice needed to show.