Updated 3 years ago
Off Market
1087 Madison Street
Bushwick, Brooklyn | Evergreen Ave & Central Ave
14 Rooms7 Beds6 Baths3,600 Square FeetMulti-Family
$3,295,000
floors / apts3 / 3
Lot Size20'x100'
Built Size20'x50'
ZoneR6
Building TypeHouse
RE Taxes$8,704
Price Per SF
$915
Outdoor space and views
- Backyard
- Balcony
Building Amenities
- Laundry Room
Property Description for 1087 Madison Street
INVESTMENT HIGHLIGHTS
Three-story walk-up residential property consisting of six apartment units in prime Bushwick. Completely renovated, all units feature high ceilings, designer kitchens with stainless steel appliances, hardwood flooring, and oversized windows. Located two blocks from Broadway, five blocks from Irving Square Park, and within three blocks from the Broadway / Madison Street subway station, serviced by the J & Z lines.
EXECUTIVE SUMMARY
1087 Madison Street is a three-story walk-up residential building located between Evergreen Avenue & Central Avenue in the Bushwhack neighborhood of Brooklyn, NY. The property is built 20 ft x 60 ft and features six free market apartments, sitting on a 20 ft x 100 ft lot. The building consists of (3) three one-bedroom/one-bath units, (1) one two-bedroom/one-bath units, and (2) two-bedroom duplex apartments with backyard access. All units feature high ceilings, designer kitchens, stainless steel appliances, hardwood flooring, and oversized windows. Electric split systems operate the building's heating and cooling system and electric hot water tanks for each apartment. All spaces have separate meters for electricity. For tenant convenience, there is also a laundry room in the property's basement. The total floor area is 3601 square feet. The building is ideal for 1031 exchange or for investors who want cash flow.
FINANCIAL OVERVIEW
Property Value $3,495,000
Average Rent $3,000
Gross Income $216,000
Property Tax $8,059
Insurance $4,000
Maintenance $1,200
Reserves $2,000
Total Expenses $15,259
Net Opp. Income $200,741
Cap Rate 5.7%
Three-story walk-up residential property consisting of six apartment units in prime Bushwick. Completely renovated, all units feature high ceilings, designer kitchens with stainless steel appliances, hardwood flooring, and oversized windows. Located two blocks from Broadway, five blocks from Irving Square Park, and within three blocks from the Broadway / Madison Street subway station, serviced by the J & Z lines.
EXECUTIVE SUMMARY
1087 Madison Street is a three-story walk-up residential building located between Evergreen Avenue & Central Avenue in the Bushwhack neighborhood of Brooklyn, NY. The property is built 20 ft x 60 ft and features six free market apartments, sitting on a 20 ft x 100 ft lot. The building consists of (3) three one-bedroom/one-bath units, (1) one two-bedroom/one-bath units, and (2) two-bedroom duplex apartments with backyard access. All units feature high ceilings, designer kitchens, stainless steel appliances, hardwood flooring, and oversized windows. Electric split systems operate the building's heating and cooling system and electric hot water tanks for each apartment. All spaces have separate meters for electricity. For tenant convenience, there is also a laundry room in the property's basement. The total floor area is 3601 square feet. The building is ideal for 1031 exchange or for investors who want cash flow.
FINANCIAL OVERVIEW
Property Value $3,495,000
Average Rent $3,000
Gross Income $216,000
Property Tax $8,059
Insurance $4,000
Maintenance $1,200
Reserves $2,000
Total Expenses $15,259
Net Opp. Income $200,741
Cap Rate 5.7%
Listing History for 1087 Madison Street
Now
10/23/2023
POM by Byron A. Taylor
Corcoran
09/06/2023
$3,295,000 [-$200,000] [5.7%]
Price Drop by Byron A. Taylor
Corcoran
Building Details for 1087 Madison Street
OwnershipMulti-Family
Building TypeHouse
AgePre-War
AccessWalk-up
Year Built1931
Floors/Apts3/3
Bushwick | Brooklyn
Quick Profile
As one of the most diverse neighborhoods in New York, Bushwick offers a perfect snapshot of just how multicultural the city is. Long-established as an amalgam of cultures and ethnicities, a wave of varying types of immigrants trickled in from the seventeenth to twentieth centuries, with Bushwick largely becoming a home to Hispanics of Puerto Rican and Dominican backgrounds by the latter part of the twentieth century.
With the Bushwick Initiative of the mid-00s that aided in revitalization, it became an attractive area to young professionals and artists. And even now, Bushwick has sustained affordable rent prices where other North Brooklyn counterparts, like Williamsburg and Greenpoint, have become more expensive. Priding itself on the weird and the wacky, numerous art collectives thrive in this part of Brooklyn, once famously named the seventh coolest neighborhood in the world by Vogue.
Though it has drawn in many tourists in recent years (there’s even a graffiti tour you can take from the Bushwick Collective), the neighborhood remains very much community-oriented, and has not been subject to quite the same sort of corporate infiltration phenomenon of its nearby Williamsburg environs.
But yes, of course, Bushwick has come a very long way from its 80s and 90s reputation as being “The Well,” a nickname given to it for its free-flowing and widely available amount of drugs (quantity over quality being the cliche applied here).
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: 90781TH
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