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Home ยป Own a 6 Family for the Price of a 2 Family!

Own a 6 Family for the Price of a 2 Family!

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571 New Lots Avenue, New York, NY 11207

Property Details

Property Description

Great Condition

East New York - 6 Unit Rent Stabilized Investment Property. 2 Vacant Units. Low Taxes!

This property has been well maintained by its current owner for over 37 years.

Five (5) units are one bedroom apartments and the 6th unit is a studio. These apartments feature hardwood floors, overhead lighting, windowed kitchens, and large bathrooms. Fire rated doors and stairs.

The entire building was gut renovated in 1992. Each apartment has its own separate gas and electric meters. The roof was refinished in 2022 and is in great condition. Gas boiler and hot water heater.

Exterior brick building facade was pointed with stucco coated finish in the rear. Front and rear of building have lighted timers.

Finished basement has a Super's suite, with an additional 2 rooms, plus 1/2 bathroom. Two points of egress to the back yard. Additional entrance to basement below the stoop.

Conveniently located! Just one short block away from the 2, 3, and 4 train stations. BK 15 to JFK , BK 83 to L Train.

Rent Roll:
Apartment 1 Vacant Projected $1,000
Apartment 2 $950.00
Apartment 3 $950.00
Apartment 4 $950.00
Apartment 5 $950.00
Apartment 6 Vacant Projected $1,000

Total: $3,800.00 X 12 = $45,600
Projected from vacancies = $24,000
Total Rent Roll = $69,600

Insurance: $4,000
Taxes: $1,662
Water/Sewer: $3,502.49
Maintenance: $5,192.00
Electric/Gas - Common Areas $1,113.88
Gas Heat: $3,305.90
Total: $18,776.27

Net Operating Income = $50,823.73
Cap Rate: 5.09

Building Specs:
Building class Five to Six Families (C2)
Square feet: 4,296
Building dimensions: 22 ft x 76 ft
Stories: 3
Roof height: 35 ft
Year built: 1925
Structure type: Walk-up apartment

Lot sqft: 2,224
Lot dimensions: 22 ft x 101.08 ft
Ground elevation: 23 ft
Residential units: 6
Residential sqft: 4,296
Average residential unit size: 716
Residential FAR: 1.25
Facility FAR: 2
FAR as built: 1.93
Allowed usable floor area: 2,780
Usable floor area as built: 4,292
Unused FAR:-1,512

Schedule an appointment today with Elaine Perry and Coleen Dixon!
Tel: 917 841-3230, 646 479-3231


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