1565 70th ST, Brooklyn, NY 11228
1565 70th ST, Brooklyn, NY 11228
1565 70th ST, Brooklyn, NY 11228
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Randy Reis

Randy Reis

+1(917) 435-4870
$1,988,000
Est. payment /mo
18 Beds
6 Baths
4,680 SqFt
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UPDATED:

Key Details

Property Type Multi Family

Sub Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 4,680 sqft

Price per Sqft $424

MLS Listing ID 502527

Bedrooms 18

Full Baths 6

Year Built 1926

Annual Tax Amount $20,768

Property Sub-Type Multi-Family

Property Description

Excellent investment opportunity! This well-maintained 6-family property underwent a complete gut renovation in 2011 and has been meticulously maintained ever since. The extensive renovation included structural steel beam reinforcement, all new plumbing and sewer lines, a fully updated electrical system, separate heating and hot water systems for each unit, all new windows, a new metal staircase, and complete reconfiguration of the apartments with new kitchens, bathrooms, and flooring throughout. The property consists of six residential units, including two spacious 3-bedroom, 1-living room apartments and four 3-bedroom apartments with large eat-in kitchens, plus a basement currently rented as storage for additional income that can be delivered vacant at closing. Current rental income totals $13,626 per month ($163,512 annually), including basement income. Annual operating expenses are approximately $32,093, consisting of property taxes of $20,973, water and sewer charges of $5,400, insurance of $5,000, and electric of approximately $720, resulting in a strong Net Operating Income (NOI) of approximately $131,419 per year. With stable cash flow, separate utilities, low maintenance requirements, and significant long-term upside potential, this property presents an outstanding opportunity for investors seeking a turnkey income-producing asset.

Location

State NY

County Kings (brooklyn)

Area Bensonhurst

Zoning R5

Rooms

Basement Finished, Full

Interior

Hot Water Gas

Heating Gas

Flooring Hardwood, Tile, Other

Heat Source Gas

Exterior

Exterior Feature Brick

Amenities Available NONE

Roof Type Flat

Handicap Access No

Building

Story 3

Foundation Poured Concrete

Others

Energy Description Gas

Financing Bank Mortgage,Cash

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Listed by Tiger Realty

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Randy Reis

Randy Reis

+1(917) 435-4870

Team Leader | License ID: 40RE1176716

Team Leader License ID: 40RE1176716

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