5.5% Pro Forma_ 100% Free market MultiFamily Property for Sale at 194 Vernon Avenue Brooklyn

Corcoran is pleased to offer for sale an eight unit multifamily rental building located at 194 Vernon Avenue, in the Bedford Stuyvesant neighborhood of Brooklyn, New York.

THE ROMANESQUE REVIVAL STYLE TENEMENT BUILDING is located between two of Brooklyn's hot spot neighborhoods, Bedford Stuyvesant and Williamsburg. The property is just two (2) blocks from the G train at Myrtle/Willoughby Station, and three (3) blocks from the J/M trains at Myrtle Avenue, so one can be in downtown Brooklyn or downtown Manhattan in minutes.

This property consists of eight FM apartments and a supers unit. All units are free-market and are not subject to rent control / rent stabilization guidelines for multifamily dwellings four units and above. 194 Vernon Ave was fully gut-renovated in 2013, with all major systems replaced including the heating, plumbing, electrical, roof, and windows. Layouts have been reconfigured with spacious floor-plans allowing for the possibility of additional bedrooms. The property is at 100% occupancy with all paying tenants. Current rents have plenty of upside. The building is amenitized with a laundry room, shared roof, communal courtyard, bike area, 9 rentable storage spaces (ranging from $50-$400 per month).

194 Vernon Avenue is a unique opportunity for an investor to acquire a multi-family free-market asset in an established and growing submarket. This building has tremendous upside potential while also delivering an investor a stable, and headache free investment which will require minimal management and maintenance.
Setup is available upon request.