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$ 3,900,000
Est. payment | /mo
8 Baths
6,350 SqFt
$ 3,900,000
Est. payment | /mo
8 Baths
6,350 SqFt
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 6,350 sqft
Price per Sqft $614
MLS Listing ID 505003
Full Baths 8
Year Built 2013
Annual Tax Amount $5,598
Property Sub-Type Multi-Family
Property Description
Suits Realty Investment Sales is proud to present 163 Veronica Place, an exceptional four-story, 8-unit residential apartment building in Flatbush, Brooklyn. Built in 2013 and meticulously maintained by its original owner, this ± 6,350 SF property features a robust masonry skeleton, in-demand building systems, and virtually no deferred maintenance.
The building consists of 8 rent-stabilized units generating an immediate yearly rent roll of $212,328.00. Because tenants are responsible for their own heat, hot water, gas, and electricity utilities, the asset delivers strong, dependable cash flow from day one. Currently 100% occupied, the property offers an impressive clear path to a projected annual rent roll of $338,124 upon natural unit turnover. Crucially, the building's 421-a tax abatement is set to expire in 2030, presenting a powerful future exit strategy or valueadd opportunity. Upon expiration, a new owner will have the legal flexibility to convert the building into a luxury condominium or transition the units to full, unregulated freemarket rent levels.
Perfectly positioned between Tilden Avenue and Beverley Road, residents enjoy effortless commuting via the 2/5 train at Church Avenue and Beverley Road. Furthermore, the property sits just minutes away from Prospect Park, granting tenants immediate access to 526 acres of premier recreational space.
The building consists of 8 rent-stabilized units generating an immediate yearly rent roll of $212,328.00. Because tenants are responsible for their own heat, hot water, gas, and electricity utilities, the asset delivers strong, dependable cash flow from day one. Currently 100% occupied, the property offers an impressive clear path to a projected annual rent roll of $338,124 upon natural unit turnover. Crucially, the building's 421-a tax abatement is set to expire in 2030, presenting a powerful future exit strategy or valueadd opportunity. Upon expiration, a new owner will have the legal flexibility to convert the building into a luxury condominium or transition the units to full, unregulated freemarket rent levels.
Perfectly positioned between Tilden Avenue and Beverley Road, residents enjoy effortless commuting via the 2/5 train at Church Avenue and Beverley Road. Furthermore, the property sits just minutes away from Prospect Park, granting tenants immediate access to 526 acres of premier recreational space.
Location
State NY
County Kings (brooklyn)
Area Flatbush
Zoning R6
Rooms
Basement Separate Entrance, Unfinished
Interior
Hot Water Gas
Heating Gas
Flooring Ceramic, Hardwood
Heat Source Gas
Exterior
Exterior Feature Brick
Amenities Available Deck Rooftop
Roof Type Asphalt/Tar,Flat
Handicap Access Unknown
Building
Story 4
Foundation Poured Concrete
Others
Energy Description Gas
Financing 1031 Exchange,Bank Mortgage,Cash
Listed by Suits Realty LLC
NEARBY SCHOOL & BUSINESS
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