1115 Union Street

GFI Realty Services LLC is pleased to present the offering of 1115 Union Street, a (4)-story prewar walk-up apartment building comprised of twenty-four units located in the Crown Heights section of Brooklyn. This asset is ideally situated on a tree-lined block between Franklin and Bedford Avenues, surrounded by mid-rise multifamily buildings and semi-detached two-family homes. The property was constructed in 1925 and totals 19,300 sf. Thirteen of the units are rent stabilized and eleven are free market. The apartments are configured as one studio, fouteen (1)-bedroom units, seven (2)-bedroom units and two (3)-bedroom units. Many of the units have been renovated and completed with high-end finishes including stainless steel appliances, granite counter tops, in-unit washer and dryer and hardwood floors. The building is located in a prime location in Brooklyn just two blocks away from Prospect Park, a short walk away from the Brooklyn Museum and half a block away from the Eastern Parkway thoroughfare. Crown Heights is one of the most prime areas in Brooklyn with a continuous flow of new businesses as well as developments which are attracting residents to the area. The change in this market is driven by the large number of young professionals moving into the area, attracted by more affordable rents and close access to public transportation. This asset provides a great opportunity for a future investor to acquire a well maintained stable acquisition in a prime area while also providing for tremendous short and long term upside due to the below market rents. The average in-place rent is $1,869 per month which is approximately 34% below market rate. Based upon current market place conditions there is the potential to grow the in-place free market rents by approximately 8%. A future investor can also increase the value of the asset by adding bike storage and a gym in the basement. Additionally, the future value of this investment will be increased by its proximity to mass transit, the 2, 3, 4 & 5 subway lines are two blocks away, as well as countless neighborhood amenities including Prospect Park, the Brooklyn Museum, Botanical Garden and Prospect Zoo. Additionally, developers continue to be attracted to the area, LIVWRK & CIM, Happy Living and BFC Partners are all working on new, large scale projects in the neighborhood. Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof, and it is submitted subject to errors, change of price, rental or other conditions, prior to sale, lease or financing, or withdrawal without notice