Log In/Sign Up
Your email has been sent.
180 Scholes St 34 Unit Apartment Building $27,911,687 CAD ($820,932 CAD/Unit) Brooklyn, NY 11206
Investment Highlights
- New Construction Multi-family building for sale in Greenpoint
- The current blended residential rent of $3,916/month per unit is projected to grow to $5,513/month at market, representing $57,600/month
- Assumable non-recourse Fannie Mae DUS loan at 3.15% — ~$14M outstanding through 2035
- All 34 units become immediately eligible for deregulated market-rate leasing on July 1, 2027
- Outside the Geographic Exclusion Area — zero affordable units required. Not subject to Good Cause eviction
Executive Summary
IPRG has been exclusively retained to offer 180 Scholes Street — a 34-unit, 43,843 SF new-construction multifamily building at the corner of Scholes Street and Humboldt Street in Williamsburg, Brooklyn. The property received its Certificate of Occupancy in August 2012 and offers one of the clearest near-term deregulation opportunities available in the Brooklyn multifamily market.
The investment thesis rests on three converging and time-certain catalysts. First, a legacy 421A tax abatement expiring July 1, 2027 — with no affordability requirements — converts all 34 units to free-market status simultaneously, driving NOI from $813,709 today to $1,417,540 on a pro forma basis. Second, a highly assumable, non-recourse Fannie Mae loan at 3.15% with nine years of remaining term requires only ~$6.2M in equity at the offering price and generates over $381,000 in annual principal reduction from day one. Third, a genuinely differentiated unit mix — 16 duplex apartments, numerous private roof terraces, private gardens, balconies, and unit sizes ranging up to 1,778 SF — supports pro forma rents that are conservative relative to comparable product trading in Williamsburg proper, where no direct competition for this product type exists at scale.
The pro forma underwrite assumes full unabated real estate taxes of $467,000 based on the property’s assessed value following 421A expiration. At the pro forma NOI of $1,417,540 and the $20,300,000 offering price, the property clears at a 6.98% cap rate — a compelling return on a free market new-construction asset in one of Brooklyn’s most supply-constrained and high-demand rental submarkets. Net cash flow after debt service of $592,445 in the pro forma year translates to a 9.83% cash-on-cash return on the equity outlay, and a 14.92% total projected return inclusive of principal reduction.
The investment thesis rests on three converging and time-certain catalysts. First, a legacy 421A tax abatement expiring July 1, 2027 — with no affordability requirements — converts all 34 units to free-market status simultaneously, driving NOI from $813,709 today to $1,417,540 on a pro forma basis. Second, a highly assumable, non-recourse Fannie Mae loan at 3.15% with nine years of remaining term requires only ~$6.2M in equity at the offering price and generates over $381,000 in annual principal reduction from day one. Third, a genuinely differentiated unit mix — 16 duplex apartments, numerous private roof terraces, private gardens, balconies, and unit sizes ranging up to 1,778 SF — supports pro forma rents that are conservative relative to comparable product trading in Williamsburg proper, where no direct competition for this product type exists at scale.
The pro forma underwrite assumes full unabated real estate taxes of $467,000 based on the property’s assessed value following 421A expiration. At the pro forma NOI of $1,417,540 and the $20,300,000 offering price, the property clears at a 6.98% cap rate — a compelling return on a free market new-construction asset in one of Brooklyn’s most supply-constrained and high-demand rental submarkets. Net cash flow after debt service of $592,445 in the pro forma year translates to a 9.83% cash-on-cash return on the equity outlay, and a 14.92% total projected return inclusive of principal reduction.
Property Facts
| Price | $27,911,687 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $820,932 CAD | Building Class | B |
| Sale Type | Investment | Lot Size | 0.14 AC |
| No. Units | 34 | Building Size | 52,500 SF |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 2009 |
| Zoning | R6 - Medium density residential zoning district. | ||
| Price | $27,911,687 CAD |
| Price Per Unit | $820,932 CAD |
| Sale Type | Investment |
| No. Units | 34 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.14 AC |
| Building Size | 52,500 SF |
| No. Stories | 3 |
| Year Built | 2009 |
| Zoning | R6 - Medium density residential zoning district. |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Microwave
- Storage Space
- Washer/Dryer
- Granite Countertops
- Sunroom
- Yard
- Wheelchair Accessible (Rooms)
Site Amenities
- Fitness Center
- Spa
- Grill
- Bicycle Storage
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 29 | - | 650 - 700 |
| 2+1 | 4 | - | 1,000 |
| 3+1 | 1 | - | 1,200 |
1 1
Exceptionally walkable
100/100
Somewhat drivable
30/100
Exceptional public transit
100/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 03044-0016 | Improvements Assessment | $4,750,005 CAD |
| Land Assessment | $305,654 CAD | Total Assessment | $5,055,659 CAD |
Property Taxes
Parcel Number
03044-0016
Land Assessment
$305,654 CAD
Improvements Assessment
$4,750,005 CAD
Total Assessment
$5,055,659 CAD
Contacts
-
Derek Bestreich -
Luke Sproviero -
Donal Flaherty -
Corey Haynes -
Thomas Ventura -
Sal Monteverde -
Investment Property Realty Group
1 of 16
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Presented by
180 Scholes St
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.