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Listed by Byron Taylor • Corcoran Group
$ 3,495,000
Est. payment /mo
Active
1087 MADISON ST Brooklyn, NY 11221
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi-family
Listing Status Active
Purchase Type For Sale
Subdivision Bushwick
MLS Listing ID RPLU-33422429741
Annual Tax Amount $672
Property Sub-Type Multi-family
Property Description
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%
Location
State NY
County Brooklyn
Community Bushwick
Rooms
Other Rooms LegalRoomsTotal: 14.00
Exterior
Garage No
Building
Story 3
Structure Type Walk-up
Others
Pets Allowed Pets allowed
NEARBY SCHOOLS & PROPERTIES
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