Description
Please email me for the full offering memorandum.
318 Covert Street is a 3-story, 6-unit apartment building that's located between Irving Avenue and Knickerbocker Avenue in the Bushwick neighborhood of Brooklyn. The building is 4,680 square feet and consists of one 1-bedroom and five 2-bedroom free-market apartments.
The sale represents a compelling acquisition opportunity for investors looking for a very well-maintained, free-market apartment building on a quiet residential street in an up-and-coming neighborhood. All capital improvements have already been made (new roof, new plumbing and venting, restored facade, etc.).
In addition to owning a well-maintained asset, a buyer would be able to immediately add value in a few ways.
1. Upgrade the finishes in the apartments to a more modern look with stainless steel appliances.
2. Duplex one of the apartments on the first floor into the already-renovated and finished basement.
3. The building has an additional 1,400 square feet of air rights and the zoning allows for another floor to be added, just like the building next door.
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318 Covert Street is a 3-story, 6-unit apartment building that's located between Irving Avenue and Knickerbocker Avenue in the Bushwick neighborhood of Brooklyn. The building is 4,680 square feet and consists of one 1-bedroom and five 2-bedroom free-market apartments.
The sale represents a compelling acquisition opportunity for investors looking for a very well-maintained, free-market apartment building on a quiet residential street in an up-and-coming neighborhood. All capital improvements have already been made (new roof, new plumbing and venting, restored facade, etc.).
In addition to owning a well-maintained asset, a buyer would be able to immediately add value in a few ways.
1. Upgrade the finishes in the apartments to a more modern look with stainless steel appliances.
2. Duplex one of the apartments on the first floor into the already-renovated and finished basement.
3. The building has an additional 1,400 square feet of air rights and the zoning allows for another floor to be added, just like the building next door.
Building Features 3 Floors6 Units
intercom
$2,800,000 / $598 per ft²
Last Asking: Jul 09, 2020
11 Beds / 7 Baths - / 4,680 ft²
Total Monthly expenses: -
Maintenance: - / R.E. Taxes $1,009
Exclusively listed with: Compass
Shaynon
Gramling
shaynon.gramling@compass.com
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Listing Courtesy of Compass
Unit listing history
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