176 28th, Brooklyn, New York

About 176 28th

Don’t miss this rare opportunity to own a fully detached brick 9-family building in the highly sought-after Bath Beach neighborhood of Brooklyn. This remarkable investment sits on a spacious 72.08 ft x 96.67 ft lot and boasts a generous building size of 53 ft x 57 ft, complete with eight designated parking spaces for both residents and the on-site commercial unit. The property consists of six large 2-bedroom, 1-bath units (each approximately 1,000 sq ft) and three well-maintained 1-bedroom, 1-bath units (around 700 sq ft). Of the nine apartments, seven are free-market, offering strong rental flexibility, while only two are rent-stabilized. The current configuration brings in a solid gross annual income of $235,649.76, with operating expenses at $87,960, yielding a CAP rate of approximately 4.6%. However, the property still has untapped potential, with the ability to increase rents and projected returns reaching 5.5%+ for the next investor or owner-user. Additional features include a live-in superintendent, recent upgrades to the boiler and heating system, and ongoing maintenance that has kept the building in good and fair condition. The ground-floor office space is also available for lease, presenting an excellent opportunity for a medical office, daycare, or other professional use. This is a compelling investment with strong cash flow and value-add potential in a prime Brooklyn location. Act quickly—opportunities like this won’t last!

Listing Map