$1,200,000
Updated 8 years ago
Off Market

1512 Prospect Place

Crown Heights, Brooklyn | Rochester Ave & Buffalo Ave

15 Rooms8 Beds5 Baths3,324 Square FeetIncome Property

$1,200,000
floors / apts3 / 3
Lot Size19'x127'
Built Size19'x56'
ZoneR6
Building TypeTownhouse
RE Taxes$9,724
Price Per SF
$361

Outdoor space and views

  • Backyard

Building Amenities

  • Voice Intercom
  • Driveway

Property Description for 1512 Prospect Place

Three Family with Tenants In Place - 6% Cap Rate - Perfect property for an investor seeking income producing property. The property was built in 2007 as a legal three family house with full finished basement. The first floor is a two bedroom, two bathroom duplex with exclusive access to the landscaped backyard. The huge recreational space in the basement is perfect for entertaining and features a full bathroom and bar. The second floor is a three bedroom one bathroom floor through apartment with open kitchen. The third floor is a three bedroom two bathroom duplex. Rental Income is as follows: Monthly Lease Apt Income Expiration 1 $2,500 June 2018 2 $2,250 August 2018 3 $2,200 June 2018 $6,950 Total Monthly Rent $83,400 Annual Revenue All Tenants have leases Expenses are as follows: Description Amount Gas $0, Tenants pay Electrical $0, Tenants pay Repairs $1,200 per year Cleaning $1,400 per year Insurance $5,000 per year TOTAL - 7,600 Annual Expenses Before Taxes Taxes - $543 per year during 25 Year Tax Abatement (Thru 2034) TOTAL Current Annual Operating Expenses - $8,134 Current NOI -- $75,257 ASKING PRICE -- $1,220,000 CAP RATE with Tax Abatement - 6.16% PROOF OF FUNDS or PRE-APPROVAL MUST BE PRESENTED BEFORE VIEWING

Listing History for 1512 Prospect Place

Now
11/01/2018
POM by Robert Bell
Compass
10/30/2018
TOM by Robert Bell
Compass

Building Details for 1512 Prospect Place

OwnershipIncome Property
Building TypeTownhouse
Service LevelVoice Intercom
AgePost-War
AccessWalk-up
Year Built2007
Floors/Apts3/3
Learn More About the Building

Transit and Citi Bike

Subway

Crown Hts-Utica Av
0.44 miles

Citi Bike

Park Pl & Buffalo Ave
0.07 miles
St Marks Ave & Rochester Ave
0.12 miles

Contact Agent

Contact Agent

Crown Heights | Brooklyn

Quick Profile

Originally known as Crown Hill by the Lenape Indians that lived there, Crown Heights has evolved into a diverse neighborhood, occupied primarily by Hasidic Jews and one of the largest Caribbean populations to be found anywhere outside of the West Indies. 

Head over to Nostrand Avenue, one of the main West Indian commercial areas in the neighborhood, which is lined with stores that have been in those exact same places for generations, providing their goods and services to area residents. Kingston Avenue has similar commercial activities that support the Jewish community, and Franklin Avenue shows the most signs of change and gentrification, with an ever-expanding mix of yoga studios, coffee shops, and organic grocery stores that serve the influx of young professionals. No matter which of these areas you visit, you will find an interesting mix of businesses that you wouldn’t normally picture as existing side-by-side. It is all part of the cultural diversity of Crown Heights.

The neighborhood is bisected, from east to west, by Eastern Parkway, which is a beautiful, 3-mile-long boulevard lined with mature trees. This leafy oasis was designed by Frederick Law Olmsted, famed designer of Central Park, the Biltmore Estate in North Carolina, and the U. S. Capitol in Washington, D. C.

You will find a mix of low-rise apartment buildings, large middle-class elevator buildings, brownstones, and some luxury buildings. Century-old architecture stands next to modern residential developments in a visually interesting mix of styles, much as the diversity of the residents exists. People who would not normally meet and mix are forging new pathways to cultural understanding by working, living, and playing together in the same neighborhood.

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 62418TH