1074 Nostrand Ave
Brooklyn, NY 11225
Multifamily Property For Sale · 6 Units

Contact Hilah for set-up sheet.
GUT RENOVATED - MARKET RATE APTS.
1074 Nostrand Avenue · Prospect Lefferts Gardens, Brooklyn, NY 11225
Turn-key six-unit multifamily — fully gut-renovated in 2023/24
New Certificate of Occupancy (CO) is imminent
Quick Facts
Units: 6 (4 × 1-BR • 1 × Studio • 1 × 2-BR — all market-rate apartments)
Stories: 3 + cellar
Renovation: Full 2023–24 gut rehab: new electric, plumbing, HVAC splits, roof, windows, sprinklers, finishes
Status: Delivered vacant, rent-ready — new CO expected imminently
Rental Positioning: Market-rate units in one of Brooklyn’s most in-demand rental pockets
Financial Highlights (Pro Forma – May 2025 Market Assumptions)
Metric
Annual Amount
Gross Scheduled Rent (GSR)
$186,000
Less 3% Vacancy / Credit Loss
($5,580)
Effective Gross Income (EGI)
$180,420
Operating Expenses
• Property Taxes
$7,480
• Insurance
$9,000
• Utilities
$11,400
• Repairs & Maintenance Reserve
$5,000
• Management (~4% of EGI)
$4,720
Total Operating Expenses
$37,600
Net Operating Income (NOI)
$140,323
Asking Price
$2,250,000
Cap Rate
6.24%
All figures are pro-forma based on current neighborhood market rents and typical expense loads for fully renovated boutique buildings.
Investment Story
Brand-new interiors & mechanicals — Every apartment features matte-finish hardwoods, recessed LED lighting, Mitsubishi split-systems, stainless-steel appliance suites, stone counters, and spa-style baths. Investors avoid near-term cap-ex.
CO delivery certainty — The building has fully completed its gut renovation and the new Certificate of Occupancy is in the final stages, expected imminently, offering a clean handoff for lenders and buyers.
Strong market-rate demand — All six units are market-rate, positioned perfectly within a highly sought-after rental corridor. Prospect Lefferts Gardens continues to see double-digit rent growth with sub-2% vacancy, driven by demand from nearby healthcare professionals, creatives, and long-term Brooklyn renters.
Transit & lifestyle — Three blocks to the 2/5 at Sterling St, six blocks to the Q at Prospect Park, minutes to Prospect Park, Brooklyn Botanic Garden, and multiple café corridors.
Upside Levers
Add fee-based storage or bike parking in the cellar
Install shared washer/dryer for additional income
Future rent lifts as leases roll in a sub-5% vacancy submarket
Neighborhood Snapshot
Tree-lined blocks, classic limestone façades, and an influx of new eateries make Prospect Lefferts Gardens a magnet for renters priced out of Park Slope and Crown Heights. Median one-bed rents now exceed $2,700/mo while two-beds average $3,300/mo—supporting the pro-forma above. Residents enjoy weekend strolls through Prospect Park, cultural outings to the Brooklyn Museum, and easy commutes city-wide via Eastern Pkwy express trains.