The Brennan Team of Marcus and Millichap has successfully closed 471 78th Street, a three-story brick apartment building comprised of 6 units. The property is located between 4th and 5th Avenues in the Bay Ridge neighborhood of Brooklyn.
The subject property was built in 1931 and measures 20 feet wide by 83 feet deep and extends 100 feet deep. The property is zoned R4-1 and is located within a few blocks of the 77th Street [R] Train Station, providing easy access to Manhattan and the rest of Brooklyn.
The investment opportunity is a clean, well-managed brick 6 family. For investors predicting that the Housing Stability Tenant Protection Act of 2019 will eventually be re-adjusted, this property holds substantial future upside in all 6 regulated rents and would be a low-basis purchase at $261/per square foot in an a highly desirable submarket.