185 Jefferson Street & 1381 Madison Street, Brooklyn, NY 11206
185 Jefferson Street & 1381 Madison Street, Brooklyn, NY 11206
Irving Avenue & Ridgewood Place
Bushwick
Prime Bushwick | 2 Building Package | 100% Free Market
| Asking Pricing | $6,750,000 |
|---|---|
| Neighborhood | Bushwick |
| Properties | 2 |
| Size | 9,790 GSF |
| Stories | 3 |
| Units | 12 |
Investment Highlights:
Meridian Investment Sales is pleased to present for sale a two-building, twelve-unit free market portfolio in Bushwick, Brooklyn, comprised of 185 Jefferson Street and 1381 Madison Street. Together, the buildings total ±9,790 SF across two three-story walk-up buildings.
Both Properties were substantially rehabilitated in 2015 & 2016 and registered with DHCR as permanently exempt in 2017. All units are free market. The units at 185 Jefferson have their own washer/dryers.
The buildings are Tax Class 2B and real estate tax increases are capped at 8% per year or 35% over five years. Combined taxes for 2026/2027 are $34,879, representing 6% of EGI. Tenants pay their own heat and electricity which contributes to the low operating expense ratio, which is 19% of EGI.
The portfolio produces $431,689 of net operating income, which translates to a 6.4% capitalization rate on a combined asking price of $6,750,000.
Every lease expires by June 2027, so a buyer controls the entire rent roll within twelve months of closing. The buildings are eight blocks apart, enabling management economies of scale.
