1261A & 1261 Prospect Avenue

PROPERTY METRICS

• Price / sq ft $729.68
• Residential Units 5
• Price $2,200,000
• Property Type Residential
• Address 1261A & 1261 Prospect Avenue
• City Brooklyn
• State NY
• Zip 11218
• SqFt 3,015

PROPERTY DETAILS

The Nowak Group of Marcus & Millichap has been retained on an exclusive basis to arrange the sale of a 5-unit free market building and an adjacent vacant 25.25 x 100-foot irregular C1-3 / R5B zoned lot between Reeve Place and Greenwood Avenue in the Windsor Terrace section of Brooklyn, NY (Block: 5277 Lots: 15 & 16).

The multifamily building at 1261 Prospect Avenue totals approximately 3,015 square feet and consists of five units. All the units are free market apartments. The ground floor features a floor through 2-bedroom 1-bath apartment. The upper two floors feature front and back 1-bedroom 1-bath apartments. The average rent for the 1-bedroom units is $1,750. The 2-bedroom is currently paying 2,200.

The development site (block: 5277 & lot: 16) is currently a cash flowing parking lot with 8 parking spaces and an average rent of $225 per month. With the current zoning, the lot is subject to a total of approximately 4,015 buildable square feet. The site is an ideal candidate for a single-family, condominium or a mixed-use development with an existing curb cut in place. Townhouse and condominium sales in similar buildings have breached $1,200 per square foot.

The properties are located just steps away from the Fort Hamilton Parkway “F and G” subway station and Prospect Park. The subject properties offer investors and developers the opportunity to purchase a strategically located multifamily building and adjacent development site in the Windsor Terrace neighborhood of Brooklyn.