$1,700,000
Updated 3 months ago
Sold

38 Grove Street

Bushwick, Brooklyn | Goodwin Place & Bushwick Ave

10 Rooms4 Beds4 Baths2,640 Square FeetMulti-Family

$1,700,000
floors / apts2 / 2
Lot Size25'x83'
Built Size23'x30'
ZoneR6
Building TypeTownhouse
RE Taxes$2,808
Price Per SF
$644

This property was sold for $1,700,000 on 05/21/26.

Listing Features

  • Skylights
  • Deco Fireplace
  • Central AC
  • Central Heat

Outdoor space and views

  • Backyard
  • Porch

Building Amenities

  • Video Intercom
  • Garden
  • Gated Entry
  • Roof Deck

Property Description for 38 Grove Street

Welcome to 38 Grove Street, a FULLY LEASED, income-producing two-family townhouse located on a quiet residential block in the heart of Bushwick. Spanning two stories plus a full basement and a finished attic, this well-maintained building sits on a 25' x 83.92' lot and offers immediate, stable cash flow with long-term upside.
The property currently generates $102,000 in annual gross income with both units on strong leases extending into 2026. With modest annual operating expenses of approximately $9,606, the building delivers an impressive net operating income of $92,394 and an attractive 5.27% cap rate. This is a clean, straightforward investment with predictable performance and minimal management intensity.
The building is configured as two spacious duplex residences, each offering multiple bedrooms, generous living and dining areas, and great natural light. The apartments each have central heating and cooling, modern kitchens with full size stainless steel appliances, and in-unit laundry. The additional attic and basement provide valuable flexible space for tenants, further enhancing long-term functionality and flexibility.
Perfectly positioned within one of Brooklyn's most active rental markets, 38 Grove Street offers investors a rare combination of strong in-place income, favorable operating metrics, and long-term neighborhood upside.

Listing History for 38 Grove Street

Now
05/26/2026
$1,700,000
Sold and Closed by Nick Hovsepian
Corcoran
03/30/2026
Contract Signed by Nick Hovsepian
Corcoran

Building Details for 38 Grove Street

OwnershipMulti-Family
Building TypeTownhouse
Service LevelVideo Intercom
AgePre-War
AccessWalk-up
Year Built1920
Floors/Apts2/2
Learn More About the Building

Transit and Citi Bike

Subway

Gates Av
0.11 miles
Kosciuszko St
0.36 miles
Halsey St
0.46 miles

Citi Bike

Bushwick Ave & Linden St
0.06 miles
Grove St & Broadway
0.07 miles

Contact Agents

Contact Agents

Licensed As
Leslie A Marshall
Associate Broker
License#:
30MA1045304
Company:
Corcoran
Licensed As
Stephanie Wilberding
Salesperson
License#:
10401378416
Company:
Corcoran

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: 50106TH