Updated 7 years ago
Sold
218 Cumberland Street
Fort Greene, Brooklyn | De Kalb Ave & Lafayette Ave
11 Beds6.5 Baths8,800 Square FeetIncome Property
$2,700,000
floors / apts6 / 10
Lot Size22'x100'
ZoneR6B
Building TypeLow-Rise
RE Taxes$18,456
Price Per SF
$307
This property was sold for $2,300,000 on 02/14/20.
Listing Features
- Architectural Dtls
Building Amenities
- Voice Intercom
Property Description for 218 Cumberland Street
Great investment opportunity. At $397.73 per square foot, consider this 10-unit stabilized building in the Fort Greene section of Brooklyn. It will be sold in ''As is'' condition with the tenants who are paying a monthly income of $11,208.76, annualized $134,505.12. [ Minus Annual Expenses $36,493.56 = $98,011.56 or Cap 2.8%.] If the building was operating with 10 paying tenants, the DHCR annual income would be $214,495.92 [Minus annual expenses $36,493.56 = $178,002.36 or 5% CAP.] The future income of the building will provide substantial returns and prove to be an excellent legacy investment. The building is in average condition, needs some renovation and the mechanicals are in fair shape.
Listing History for 218 Cumberland Street
Now
02/14/2020
$2,300,000
Sold and Closed by Mary Kae Higgins
MYNY Residential
01/17/2020
Contract Signed by Mary Kae Higgins
MYNY Residential
Building Details for 218 Cumberland Street
OwnershipIncome Property
Building TypeLow-Rise
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1895
Floors/Apts6/10
Transit and Citi Bike
Subway
Fulton St
0.18 miles
Lafayette Av
0.22 miles
Clinton-Washington Avs
0.35 miles
Atlantic Av-Barclays Ctr
0.38 miles
Nevins St
0.38 miles
Railroad
Atlantic TerminalLong Island Rail Road
0.41 miles
Citi Bike
DeKalb Ave & S Portland Ave
0.1 miles
Cumberland St & Lafayette Ave
0.12 miles
Fort Greene | Brooklyn
Quick Profile
Conveniently situated just north of the beautiful and lush Prospect Park, Fort Greene is rich with history. Representative of an aesthetic that Brooklyn is often associated with--the brownstone and row house architecture being an institution of the community--Fort Greene is decidedly singular in visual style. As part of the National Register of Historic Places, this South Brooklyn neighborhood offers unique charm and plenty of character.
Beginning with its early military-oriented inception (the territory was central to the Battle of Long Island), Fort Greene has always been recognized for its spaciousness and a sense of openness. Filled with nature and greenery, it is also home to its very own eponymously named park in addition to being in close proximity to Brooklyn’s largest recreational area, Prospect Park (containing the beloved Prospect Park Zoo within it).
Many residents come from different socioeconomic backgrounds and commute to their workplaces in Manhattan, while keeping Fort Greene as their separate haven. The diversity of the area has proven to be one of the few examples of a Brooklyn neighborhood maintaining its roots in part thanks to its protected status.
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: 72103TH
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