Geraldine Sargeant_1602 Prospect Pl

Prime Investment Opportunity in Crown Heights Legal Four Family With Private Parking

1602 Prospect Place Brooklyn, NY 11233

Meticulously Maintained Building Welcome to 1602 Prospect Place in Crown Heights, an Investors Dream. Solid-brick, semi-detached, legal four family with private parking spots. Two level building with four income producing units, situated on a 25×127.75 feet lot. Approximately 3,300square feet with an additional semi-finished basement. Allowed usable floor area: 7,761. Unused FAR: 4,471. Fantastic investment opportunity.

Exterior (2018, 2019) • Thorough restoration of exterior walls – new brick to replace bad sections, repointing top half, and sections around windows, new window sills • Natural stone base section of wall restored and repointed • All woodwork around windows done – repaired, painted • Led flood lights installed 2019

Continuation of Recent Work Done The Building Was Full Gut Renovated Around 2005 Since Then...

Roofing (2016, 2020) • New asphalt roofing October 2016 • Silicone roof coating August 2020

Basement (2017 – 2020) • Electric: Entire basement rewired- new outlets / lights / switches/ fuse panel • Sealed walls • Repaired concrete floor and footings • New Crown steam boiler installed in January 2020 • New sliding basement windows all around

Common Areas and Apartments Hallway (2016 - 2020) • • • • • •

Repaired and refinished walls and ceilings New modern light fixtures Installed new front doors for 2nd floor apartments New locks all apartments Designer Doorbells Freshly painted walls and staircases

More Information on the Four Apartments The building has many charming details throughout. The four units feature restored hardwood floors, spacious bedrooms, plenty of closet space, interiors with open-concept living areas.

Apartments (2016, 2017) • • • • • •

New kitchen cabinets in each apartment New appliances – fridges, stoves New bathroom floors and cabinets in 1F and 2F Repaired / refinished walls and ceilings Restored hardwood floors all apartments New interior doors/ locks/ hinges all apartments

Estimated Expenses Real Estate Tax

$10,390

Water/Sewer

$1,442

Gas + Electric*

$3,253

Insurance

$3,803

Repairs & Maintenence

$377

Total Annual Expenses

$19,265

Net Operating Income

$64,135

Asking Price

$1,425,000

Cap Rate

5.00%

*Includes gas for heating and hot water + electric for common areas.

Separate meters for cooking gas and electric, tenants responsible for these expenses. Owner will only be responsible for common area charges (PLP Electric) and other basic landlord expenses for a Four Family.

These numbers are based on Seller’s books from 2019 and are intended for information purposes only. ***All tenants have expired leases and tenants are now on month to month term which presents a great investment opportunity for a buyer or investor to obtain market rent. THE BUILDING CAN BE DELIVERED FULLLY OCCUPIED OR COMPLETELY VACANT*** Unique rent producing opportunity.

Great Investment Potential

elliman.com

Unused FAR: 4,471

Building Size

20.5 x 80 ft

Lot Size

25 x 127.75 ft

Allowed Usable Floor Area

7,761

Unused FAR

4,471

Geraldine Sargeant Licensed Real Estate Salesperson 664 Fulton Street, Brooklyn, NY, 11317 M: 407.488.9776 O: 347.381.4166 F: 646.497.5306 geraldine sargeant@elliman.com

575 MADISON AVENUE, NY, NY 10022. 212.891.7000 © 2020 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. IF YOUR PROPERTY IS CURRENTLY LISTED WITH ANOTHER REAL ESTATE BROKER, PLEASE DISREGARD THIS OFFER. IT IS NOT OUR INTENTION TO SOLICIT THE OFFERINGS OF OTHER REAL ESTATE BROKERS. WE COOPERATE WITH THEM FULLY. EQUAL HOUSING OPPORTUNITY.