148 29th Street

Rarely available true 3 family in the up and coming neighborhood of Greenwood Heights, perfect for an end user or investor. Currently used as an income property with 3 separate rental units, but can easily be made into an owner's duplex with an income producing unit on the ground floor. House will be delivered vacant upon closing. Estimated cap rate of 5%. The first floor unit has been recently renovated, and other units are in good condition. Currently configured as a 2 bedroom/1 bath (top floor), 1.5 bedroom/1 bath (2nd floor) and a 1 bedroom/1 bath (ground floor). All units have access to a well manicured backyard through a 5' private alley that runs along the side of the house. Each unit has separate mechanical and grids which can be billed directly to tenants, leaving operating costs low. Ceiling heights in each unit are over 9'. Currently only using .84 of FAR, with a Max FAR of 1.65 (if residential use) or 2 (if commercial use), so plenty of room to expand the property. Possibility to expand each unit to a 3 bed/2 bath. Minutes away from the R at 25th or the express N, D at 36th, and Industry City, one of the largest manufacturing coworking spaces and retail spaces in Brooklyn. Several high profile condo and commercial projects are coming soon along 4th Avenue and 5th Avenue. This is a great investment opportunity that can't be missed! Showings strictly through open houses only.