281 23rd Street, Brooklyn, NY, 11215

Address

281 23rd Street, Brooklyn, NY

Listing Type

Multi-Family

Price

$ 1,849,999

Your Agent

Cary Raffle

Licensed Real Estate Associate Broker

Cell: 917-603-3813

Property Attributes

MLS#499360
TypeMulti-Family
Listing Status Active
CountyKINGS
CityBrooklyn
AreaBrooklyn
NeighborhoodGreenwood Heights
Zip11215
StyleMulti-Family
Year Built1931
Taxes$ 64651
Price$ 1,849,999
Bedrooms0
Full Bathrooms8
Half Bathrooms8
Sqr Footage8493
Lot Size0.056451 Acres

Data Source:

Brooklyn MLS (BNYMLS)

Property Description

Turnkey multifamily investment - 281 23rd Street is a beautifully-maintained masonry pre-war building spanning approximately 8,492 square feet above-grade. The building hosts 12 apartments, eight of which are configured as 2 BR, while the remaining four are 1 BR. The building is being offered for sale for the first time in almost 40 years. Current ownership has taken long-term care of the property, offering new ownership a turn-key cash flowing asset. Core asset with stable cash flow and future upside - All apartments are rent-stabilized and leased. The asset currently generates over $270,000 gross annually. Average AGI/NSF is $34.61, equating to an average monthly rent of $1837 per apartment, this is approximately 75% of market rents of comparable rentals in area. This allows future investors to take advantage of immediate rental income on day one with virtually no work, while retaining substantial long-term upside as units are brought to market rate over time. Ideal location with multiple amenities - R subway station at the 25th Street station & the Prospect Avenue station (D, N, R, W trains). There are several markets, banks and convenience stores along with dozens of cafes and restaurants in the immediate area along 5th Avenue retail corridor. The location provides straight forward commutes to Manhattan and Brooklyn via these lines. Ideally positioned for quick access to the major highway interchange of I-278 (Gowanus Expressway) and NY-27 (Prospect Expressway).

Price History
3/4/2026	Listed $1,950,000
4/23/2026	6$1,849,999

General Features

Net Operating Income	136602.00
Roof	Asphalt/Tar,Flat
Zoning	R6B
Electric	220 V,Circuit Breakers
Stories Count	4
Property Type	Residential
Block	899
Cap Rate	0.07
Lot Number	49
Yearly Taxes	64651.00
Transaction Type	Sale
Miscellaneous Expense	28234.00
Insurance Expense	12000.00
Utility Expense	1200.00
Gross Expense	133950.00
Financing	1031 Exchange,Bank Mortgage,Cash
Building Type	Semi-Detached
Gross Income	270552
Status	Active
Fuel Expense	12000.00
Construction Materials	Brick
Cumulative Days on Market	203
MLS Area	Greenwood Heights
Sub Type	Multi-Family
Year Built	1931
City	Brooklyn
Borough	Brooklyn
Residential Features	A/C Unit - Wall,A/C Unit - Window
DOM	203
Sale Type	Arm's Length
# Families	12
Public Remarks	Turnkey multifamily investment - 281 23rd Street is a beautifully-maintained masonry pre-war building spanning approximately 8,492 square feet above-grade. The building hosts 12 apartments,eight of w

Interior Features

Heating Fuel	Gas
Flooring	Carpeting,Ceramic,Hardwood,Linoleum
Hot Water	Gas
Full Baths	8
Half Baths	8
Unit Count	12
Building Amenities	Storage rooms
Sq Ft Total	8493
AC Units	5+
Basement Amenities	Cellar,Semi-Finished,Separate Entrance
Total Baths	12.00

Exterior Features

Exterior	Brick
Yard	None
Foundation	Poured Concrete
Lot Sq Ft	2459
Building Length	89.00
Building Width	25.00
Lot Size Length	100
Lot Size Width	25
Parking Attrib	None