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Key Details
Property Type Multi Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 2,640 sqft
Price per Sqft $662
Subdivision Bushwick
MLS Listing ID RLS20062812
Bedrooms 5
HOA Y/N No
Year Built 1920
Annual Tax Amount $2,808
Property Sub-Type Multi Family
Property Description
The property currently generates $102,000 in annual gross income with both units on strong leases extending into 2026. With modest annual operating expenses of approximately $9,606, the building delivers an impressive net operating income of $92,394 and an attractive 5.27% cap rate. This is a clean, straightforward investment with predictable performance and minimal management intensity.
The building is configured as two spacious duplex residences, each offering multiple bedrooms, generous living and dining areas, and great natural light. The apartments each have central heating and cooling, modern kitchens with full size stainless steel appliances, and in-unit laundry. The additional attic and basement provide valuable flexible space for tenants, further enhancing long-term functionality and flexibility.
Perfectly positioned within one of Brooklyn's most active rental markets, 38 Grove Street offers investors a rare combination of strong in-place income, favorable operating metrics, and long-term neighborhood upside.
Location
State NY
County Kings
Rooms
Basement Other
Interior
Interior Features Smoke Free
Cooling Central Air
Fireplace No
Appliance Washer Dryer Allowed
Laundry Building Other, Washer Hookup, In Unit
Exterior
Exterior Feature Private Outdoor Space Over 60 Sqft
View Y/N No
View Other
Porch None
Private Pool No
Building
Dwelling Type Townhouse
Story 2
New Construction No
Others
Pets Allowed Pets Allowed
Tax ID 03321-0017
Ownership None
Monthly Total Fees $234
Special Listing Condition Standard
Pets Allowed Building Yes, Yes
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Randy Reis
Team Leader | License ID: 40RE1176716
Team Leader License ID: 40RE1176716