195 30th St 3 Unit Apartment Building $3,536,488 CAD ($1,178,829 CAD/Unit) 5.30% Cap Rate Brooklyn, NY 11232

BUILDING OVERVIEW
195 30th Street is a three-unit multifamily property delivered fully vacant in Greenwood Heights, Brooklyn. The building spans 3,498 gross square feet across three free-market residential units, a 4-bedroom duplex with backyard access, and two 1-bedroom apartments, along with a large 3-car garage. Listed at $2,495,000 and $713 per square foot, the basis is well-supported by comparable sales in the submarket and provides a meaningful cushion relative to replacement cost.

DELIVERED VACANT
The property’s most compelling attribute is its delivery in fully vacant condition. All three units are unoccupied at closing, eliminating the tenant buyouts, holdover proceedings, and lease negotiations that encumber virtually every multifamily acquisition in New York City. For a value-add buyer, this translates to an immediate ability to renovate, stage, and lease all units simultaneously, without working around existing occupants, compressing the timeline from acquisition to stabilized income. The current pro forma projects gross residential revenue of $192,000 annually, with average rents of $5,333 per month per unit. With full renovation across all three units, there is upside beyond even these figures: the high-end pro forma scenario projects monthly residential revenue of $16,000, driven by achievable rents of $8,500 to $9,000 for the large duplex and $3,500 for each of the two 1-bedroom units.

REDEVELOPMENT POTENTIAL
195 30th Street carries 2,500 square feet of unused air rights, providing a genuine path to a more transformative redevelopment strategy. In a submarket where land is constrained and new construction opportunities are limited, the ability to expand vertically represents a significant and often under-priced form of embedded value. An investor with a longer-term horizon can pursue a full gut renovation of the existing structure while simultaneously engineering a vertical addition that brings the total building to approximately 6,000 gross square feet, expanding the unit count, increasing rentable area, and driving a materially higher stabilized NOI. The combination of a fully vacant base building and unused development rights creates an unusually flexible platform, one that supports everything from a high-quality renovation of the existing three units to a full gut and expansion targeting boutique condominium conversion or an enlarged free-market rental program. The 3-car garage adds a further dimension of value. In a city where off-street parking commands a meaningful premium, the garage can be operated as a standalone income source, incorporated into a larger renovation program, or evaluated for adaptive reuse as part of an expanded building strategy. The current pro forma attributes $10,800 annually to the garage, a conservative figure relative to what comparable parking income commands in the neighborhood.