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577 New Lots Ave
Brooklyn, NY 11207 East New York

$2,250,000 USD

Apartments For Sale  •  5,778 SF

Property Details

• Property Type Apartments
• Total Building Size 5,778 SF
• Lot Size 0.06 AC
• Building Class B
• Year Built 1915
• Cap Rate 7.24 %
• Zoning R5, Brooklyn

100 Transit Score

82 Walk Score

Highlights

Low Maintenance: Building was renovated in 2015 and has been well maintained since, with no need for short term capital improvements

Though the 8 residential units are rent stabilized, current leases have preferential rents in place, with ~15% upside in legal rents

Excellent Light & Air: Side and rear air shafts provide units with substantial light and air, allowing for efficient unit layouts

Separate Utilities: Tenants are responsible for their own electric, heat & hot water

Protected Tax Class: 2B Tax Class limits tax increase to no more than 8% a year or 30% over 5 years

Within 2 blocks of the 3-train at Van Siclen Avenue, offering access to Atlantic Terminal and FiDi within 30-45 minutes

Cap Rate:

7.24 %

Amenities

• Kitchen
• Refrigerator
• Oven
• Range
• Tub/Shower

Public Transportation

Commuter Rail	Drive	Walk	Distance
East New York Station (Far Rockaway Branch - Long Island Rail Road, Long Beach Branch - Long Island Rail Road, West Hempstead Branch - Long Island Rail Road)	6 min	-	2.4 mi
Nostrand Avenue Station (Far Rockaway Branch - Long Island Rail Road, Hempstead Branch - Long Island Rail Road, Long Beach Branch - Long Island Rail Road, West Hempstead Branch - Long Island Rail Road)	13 min	-	4.5 mi
Transit/Subway	Drive	Walk	Distance
Van Siclen Avenue (3,4 Line) (3 - New York MTA Subway (The Subway), 4 - New York MTA Subway (The Subway))	0 min	3 min	0.2 mi
New Lots Avenue (3,4 Line) (3 - New York MTA Subway (The Subway), 4 - New York MTA Subway (The Subway))	1 min	4 min	0.3 mi
Pennsylvania Avenue (3 - New York MTA Subway (The Subway), 4 - New York MTA Subway (The Subway))	1 min	9 min	0.5 mi
Van Siclen Avenue (A,C Line) (A - New York MTA Subway (The Subway), C - New York MTA Subway (The Subway))	2 min	12 min	0.7 mi
Livonia Avenue (L - New York MTA Subway (The Subway))	3 min	15 min	0.8 mi
Airport	Drive	Walk	Distance
John F Kennedy International	12 min	-	7.8 mi
Laguardia	23 min	-	11.9 mi
Newark Liberty International	40 min	-	20.2 mi