1188 Gates Avenue, Brooklyn, Ny, NY 11221
1188 Gates Avenue, Brooklyn, Ny, NY 11221
1188 Gates Avenue, Brooklyn, Ny, NY 11221
1188 Gates Avenue, Brooklyn, Ny, NY 11221
1188 Gates Avenue, Brooklyn, Ny, NY 11221
1188 Gates Avenue, Brooklyn, Ny, NY 11221
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Celinda Iaboni

Celinda Iaboni

+1(631) 786-9603
$ 2,795,000
Est. payment | /mo

8 Beds

5 Baths

2,570 Sqft Lot

Save
$ 2,795,000
Est. payment | /mo
Save

8 Beds

5 Baths

2,570 Sqft Lot

Key Details

Property Type Multi-Family

Listing Status Active

Purchase Type For Sale

MLS Listing ID 11929285

Style Low-rise

Bedrooms 8

Full Baths 4

Half Baths 2

Year Built 1931

Lot Size 2,570 Sqft

Property Description

1188 Gates Avenue presents a mixed-use investment opportunity in Bushwick, Brooklyn, featuring 4 spacious free-market two-bedroom apartments and 2 ground-floor retail storefronts. The three-story property contains approximately 4,450 SF of gross building area per public record on an approximately 2,570 SF lot. Built in 1931, the property offers an existing income-producing configuration together with multiple opportunities for future repositioning and income growth. PROPERTY HIGHLIGHTS: • 4 free-market residential apartments • Each residential apartment configured as a true 2-bedroom • 2 ground-floor retail/storefront spaces • Approximately 650 SF per storefront • Approximately 4,450 SF gross building area per public record • Approximately 2,570 SF lot • 3-story low-rise brick/masonry building • Existing unfinished basement with exterior access • Residential and commercial income streams • Value-add mixed-use investment opportunity • Bushwick, Brooklyn location • Potential 1031 exchange replacement property Seller currently controls one residential apartment and one commercial storefront, providing flexibility for vacant delivery or leasing prior to closing, subject to contract terms and buyer/seller agreement. Seller's intended as-delivered underwriting assumes the owner-controlled residential apartment at $3,800/month and owner-controlled commercial storefront at $4,000/month. Based on the intended as-delivered rent structure, projected annual gross income is approximately $213,000 with estimated NOI of approximately $177,584, representing an approximately 6.35% capitalization rate at the $2,795,000 asking price. VALUE-ADD / PRO FORMA POTENTIAL: A stabilized boutique scenario assumes $3,800/month for each of the four residential apartments and $4,000/month for each of the two commercial storefronts. This produces approximately $278,400 in annual gross income and approximately $220,712 in projected NOI after an 8% reserve assumption, or approximately a 7.90% pro forma capitalization rate at the asking price. Potential future improvements may include enhanced storefront and exterior presentation, a landscaped shared rear courtyard, basement laundry and recreation amenities, and continued residential and commercial leasing optimization. The basement is CURRENTLY UNFINISHED. Any photographs, renderings or descriptions depicting a finished basement, laundry/recreation area, landscaped courtyard, upgraded facade or other future improvements are illustrative concepts only and do not represent existing improvements. Existing tenant arrangements, rents, expenses, utility responsibilities and delivery conditions are subject to purchaser verification. Residential tenants currently pay apartment electric and cooking gas; owner currently pays heat and hot water. Potentially suitable as replacement real property for a Section 1031 exchange, depending upon the purchaser's individual circumstances, intended use and compliance with applicable tax requirements. Purchasers should consult their own tax and legal advisers. All square footage, rents, income, expenses, NOI, cap rates, tenancy, property condition, legal use, zoning, permits, improvement concepts and projections are approximate or based on seller information and underwriting assumptions and must be independently verified by purchaser. No representation or guarantee is made regarding future rents, income, approvals, improvements or investment performance.

Location

State NY

County 36047

Rooms

Basement Full

Dining Room 0

Kitchen 0

Building

Story 3

Sewer Municipal

Water Municipal

Structure Type Masonry - Brick

NEARBY SCHOOL & BUSINESS

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Celinda Iaboni

Celinda Iaboni

+1(631) 786-9603

Broker | License ID: 10491210466

Broker License ID: 10491210466

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1188 Gates Avenue

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