163 Veronica Place, Brooklyn, New York 11226
- $3,900,000
- 6,350
- SqFt
- List Price
- $3,900,000
- Status
- ACTIVE
- MLS#
- 505003
- Full-baths
- 8
- Sq. Ft
- 6,350
- Year Built
- 2013
Property Description
Suits Realty Investment Sales is proud to present 163 Veronica Place, an exceptional four-story, 8-unit residential apartment building in Flatbush, Brooklyn. Built in 2013 and meticulously maintained by its original owner, this ± 6,350 SF property features a robust masonry skeleton, in-demand building systems, and virtually no deferred maintenance. The building consists of 8 rent-stabilized units generating an immediate yearly rent roll of $212,328.00. Because tenants are responsible for their own heat, hot water, gas, and electricity utilities, the asset delivers strong, dependable cash flow from day one. Currently 100% occupied, the property offers an impressive clear path to a projected annual rent roll of $338,124 upon natural unit turnover. Crucially, the building’s 421-a tax abatement is set to expire in 2030, presenting a powerful future exit strategy or valueadd opportunity. Upon expiration, a new owner will have the legal flexibility to convert the building into a luxury condominium or transition the units to full, unregulated freemarket rent levels. Perfectly positioned between Tilden Avenue and Beverley Road, residents enjoy effortless commuting via the 2/5 train at Church Avenue and Beverley Road. Furthermore, the property sits just minutes away from Prospect Park, granting tenants immediate access to 526 acres of premier recreational space.
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Additional Information
- Lot Size
- 2,504
- Stories
- 4
- Parking Description
- None
- Heat Source
- Gas
- Year Built
- 2013
- Zoning
- R6
- Sale Type
- Arm's Length
- Bank Financing
- 1031 Exchange, Bank Mortgage, Cash
- Building Type
- Semi-Detached
- Year Built
- 2013
- Basement
- Separate Entrance, Unfinished
- Lot Dimensions
- 100 x 25
- Building Dimensions
- 56.00 x 25.00
- Estimated Yearly Tax Amount
- $5,598
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Listing courtesy of Suits Realty LLC.