$1,900,000
Updated 9 years ago
Off Market
989 Lafayette Ave
Bedford Stuyvesant, Brooklyn | Malcom X Blvd & Stuyvesant Ave
11 Beds6 Baths3,340 Square FeetRental Property
$1,900,000
floors / apts3 / 3
Lot Size20'x100'
Built Size20'x55'
ZoneR6B
Building TypeTownhouse
RE Taxes$3,828
Price Per SF
$569
Listing Features
- Central AC
- Central Heat
Outdoor space and views
- Backyard
Building Amenities
- Voice Intercom
- Bike Storage
- Laundry Room
Property Description for 989 Lafayette Ave
Investment Description
Marcus & Millichap is pleased to offer 989 Lafayette Avenue (Block: 1607 Lot 64) in the Bedford-Stuyvesant neighborhood of Brooklyn, New York. The subject property is a 3 story multifamily building built approx. 20.10’ x 57.8’ which totals approx. 3,485’ square feet (not including rentable duplex square footage). 989 Lafayette Avenue consists of 3 turnkey gut renovated free market apartments. The property is zoned R6B and is under tax class 1.
The Opportunity
Located between Stuyvesant Avenue and Malcolm X Boulevard, 989 Lafayette Avenue is ideally located in close proximity to the Kosciuszko Street J Train and the Myrtle- Willoughby G Train. The property was recently gut renovated and offers a diverse unit mix that is very attractive for the tenant base of the location- one floor through 3 bedroom two bath duplex and two floor through 4 bedroom two bath units. All three apartments have separate HVAC units and are separately metered for heat and hot water. Tenants also benefit from private backyard access and laundry in the building.
Offered at an in place 5.4% CAP Rate, new ownership has the opportunity to acquire a turnkey asset in a continually gentrifying and strengthening market with strong cash flow and very little maintenance. 989 Lafayette Avenue is also being offered for sale with 850 Lafayette which is a turnkey 6 unit one and a half blocks away for a total of $4,850,000 and an in place blended 5.25% CAP (Contact listing broker for details). The properties can be bought as a package or individually.
Marcus & Millichap is pleased to offer 989 Lafayette Avenue (Block: 1607 Lot 64) in the Bedford-Stuyvesant neighborhood of Brooklyn, New York. The subject property is a 3 story multifamily building built approx. 20.10’ x 57.8’ which totals approx. 3,485’ square feet (not including rentable duplex square footage). 989 Lafayette Avenue consists of 3 turnkey gut renovated free market apartments. The property is zoned R6B and is under tax class 1.
The Opportunity
Located between Stuyvesant Avenue and Malcolm X Boulevard, 989 Lafayette Avenue is ideally located in close proximity to the Kosciuszko Street J Train and the Myrtle- Willoughby G Train. The property was recently gut renovated and offers a diverse unit mix that is very attractive for the tenant base of the location- one floor through 3 bedroom two bath duplex and two floor through 4 bedroom two bath units. All three apartments have separate HVAC units and are separately metered for heat and hot water. Tenants also benefit from private backyard access and laundry in the building.
Offered at an in place 5.4% CAP Rate, new ownership has the opportunity to acquire a turnkey asset in a continually gentrifying and strengthening market with strong cash flow and very little maintenance. 989 Lafayette Avenue is also being offered for sale with 850 Lafayette which is a turnkey 6 unit one and a half blocks away for a total of $4,850,000 and an in place blended 5.25% CAP (Contact listing broker for details). The properties can be bought as a package or individually.
Listing History for 989 Lafayette Ave
Now
04/10/2016
POM by Daniel Greenblatt
Marcus & Millichap
2016
Building Details for 989 Lafayette Ave
OwnershipRental Property
Building TypeTownhouse
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1899
Floors/Apts3/3
Transit and Citi Bike
Subway
Kosciuszko St
0.21 miles
Myrtle Av
0.38 miles
Central Av
0.47 miles
Citi Bike
Lafayette Ave & Stuyvesant Ave
0.02 miles
Malcolm X Blvd & DeKalb Ave
0.13 miles
Contact Agents
Contact Agents
Daniel Greenblatt
Marcus & Millichap
Shaun Riney
Marcus & Millichap
James Saros
Marcus & Millichap
Bedford Stuyvesant | Brooklyn
Quick Profile
Known for its historic brownstones and tight-knit enclave, Bed-Stuy has increasingly left behind its early reputation for being a “bedroom community” and transcended into a highly desirable neighborhood.
Distinct for its aesthetic, it is populated with ornate buildings characterized by cornices, friezes, finials, fluting and other marks of classic architecture. Built up during the period from 1870 to 1900, its historic district runs to the north of Jefferson Avenue, to the east of Malcolm X Boulevard and to the west of Tompkins Avenue.
At one point known as “Brooklyn’s Little Harlem,” the shape of the area has shifted toward attracting a wider demographic of people thanks to the influx of bars, restaurants, antique furniture stores and vintage boutiques. More police enforcement paired with the decline of the crack epidemic at the beginning of the 2000s also opened the door for increased development, as well as the occupation of formerly abandoned buildings and spaces.
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: 62016TH
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