99-101 15th Street
99-101 15th Street
Park Slope
Two Adjacent 8 Unit Multifamily Buildings for Sale
| Type | Multifamily |
|---|---|
| Neighborhood | Park Slope |
| Properties | 2 |
| Lot Size | (2) 26' x 103.83' |
| Zoning Code | R6B |
| Size | Total: 13,520 SF |
| Stories | 4 Stories |
| Units | 16 Units |
Investment Highlights:
Meridian Investment Sales is pleased to present the Exclusive Offering for 99 and 101 15th Street. The offering consists of two adjacent 8 unit multifamily buildings with 15 free market apartments in Park Slope on 15th Street between 3rd Avenue and 4th Avenue. The buildings each have the protected Tax Class 2B designation.
The property has been owned by the same family for 32 years. There is significant upside in the rental income as 15 of the 16 apartments are free market and have well below market rents. The free market units are all large 2BR apartments paying an average of ~$2,256 a month for apartments that typically rent for ~$3500 month in the neighborhood.
These multifamily assets also fall in the protected tax class 2B designation, limiting real estate tax increases to a maximum of 8% annually or 30% over a 5-year period.
The buildings are located just two blocks from the R train at the Prospect Avenue subway station and a short walk to the F, G and R trains at the 9th Street and 4th Avenue subway station.
• 15 of the 16 Units are free market
• Significant upside in rental income with below market rents
• Long term ownership
• Tax Class 2B, limiting real estate tax increases to a maximum of 8% annually or 30% over a 5-year period
• Steps from the R train at the Prospect Avenue Subway station, offering easy access to Manhattan
