348 Knickerbocker Ave, Brooklyn, NY 11237

Prime mixed-use building representing a turnkey investment. Located in Bushwick and centrally positioned on Knickerbocker Ave close to many restaurants, shops and the L and M train lines. This property features 4 free market rentals over a commercial space generating $193,000 in income at a 5.4% cap rate. There is also upside potential to renovate further increasing the rent roll. All apartments were gut renovated in 2008 during which time plumbing and electrical upgrades were also made. The building is configured as two JR4 (1-bedroom + home office) 1 bath apartments, and two 2-bedroom 1 bath apartments. The third-floor apartments both feature two skylights providing a desirable and light filled living space. All apartments are well maintained and in great condition. The roof has been well maintained and the setback portion of the roof above the commercial space was completely replaced in 2018. The roof above the 3rd floor apartments has been well maintained and was resealed and repainted in 2015. Additionally, each apartment has its own boiler system that was installed in 2009. Tenants pay for their own heat and electricity which keep the operating expenses low. The commercial tenant occupies the ground floor and has been in place since 2018 with a longer term lease until 2028. A complete setup is available upon request.