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278 Albany Avenue, Crown Heights - Value Add 278 Albany Ave 6 Unit Apartment Building $3,043,458 CAD ($507,243 CAD/Unit) 6.51% Cap Rate Brooklyn, NY 11213
INVESTMENT HIGHLIGHTS
- 1) Newly Renovated Apartments, with washer/dryer in unit, new hardwood floors and appliances.
- 4) Located in the Heart of Crown Heights, 1 Block off the 3 Train at Kingston Ave
- 2) Value-Add Opportunity (1 Vacancy) Through Lease-Up
EXECUTIVE SUMMARY
RIPCO Real Estate has been retained on an exclusive basis to arrange for the sale of 278 Albany Avenue in Crown Heights, Brooklyn.
This four-story brick building is situated on the corner of St Johns Place and Albany Avenue. The building features six (6) rent-stabilized apartments above three (3) neighborhood retailers. The corner retail is occupied by the Crown Heights Career Hub, complemented by a Juicery and a barber shop along Albany Avenue. Two of the apartments were recently gut renovated, and one apartment will be delivered vacant. Apartment renovations include: washer/dryer, hardwood floors, modern appliances, updated bathrooms, and more.
278 Albany Avenue is a short walk to many restaurants along Kingston Avenue, as well as Brower Park & St Johns Park, and the Brooklyn Children's Museum. The building is also just two blocks away from Kingston Avenue subway station servicing the 2, 3, 4, and 5 trains. Additionally, it's less than 2 miles from Prospect Park and the Brooklyn Botanical Gardens.
Please reach out to the exclusive brokers with any questions about the opportunity.
This four-story brick building is situated on the corner of St Johns Place and Albany Avenue. The building features six (6) rent-stabilized apartments above three (3) neighborhood retailers. The corner retail is occupied by the Crown Heights Career Hub, complemented by a Juicery and a barber shop along Albany Avenue. Two of the apartments were recently gut renovated, and one apartment will be delivered vacant. Apartment renovations include: washer/dryer, hardwood floors, modern appliances, updated bathrooms, and more.
278 Albany Avenue is a short walk to many restaurants along Kingston Avenue, as well as Brower Park & St Johns Park, and the Brooklyn Children's Museum. The building is also just two blocks away from Kingston Avenue subway station servicing the 2, 3, 4, and 5 trains. Additionally, it's less than 2 miles from Prospect Park and the Brooklyn Botanical Gardens.
Please reach out to the exclusive brokers with any questions about the opportunity.
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL (CAD) | ANNUAL PER SF (CAD) |
|---|---|---|
| Gross Rental Income |
$356,139
|
$37.65
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$10,790
|
$1.14
|
| Effective Gross Income |
$345,348
|
$36.51
|
| Taxes |
$53,402
|
$5.64
|
| Operating Expenses |
$65,723
|
$6.95
|
| Total Expenses |
$119,125
|
$12.59
|
| Net Operating Income |
$226,223
|
$23.91
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $356,139 |
| Annual Per SF | $37.65 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $10,790 |
| Annual Per SF | $1.14 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $345,348 |
| Annual Per SF | $36.51 |
| Taxes (CAD) | |
|---|---|
| Annual | $53,402 |
| Annual Per SF | $5.64 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $65,723 |
| Annual Per SF | $6.95 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $119,125 |
| Annual Per SF | $12.59 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $226,223 |
| Annual Per SF | $23.91 |
PROPERTY FACTS
| Price | $3,043,458 CAD | Building Class | B |
| Price Per Unit | $507,243 CAD | Lot Size | 0.07 AC |
| Sale Type | Investment | Building Size | 9,460 SF |
| Cap Rate | 6.51% | Average Occupancy | 88% |
| No. Units | 6 | No. Stories | 4 |
| Property Type | Multifamily | Year Built | 1910 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Mid-Rise | ||
| Zoning | R6. C2-3 | ||
| Price | $3,043,458 CAD |
| Price Per Unit | $507,243 CAD |
| Sale Type | Investment |
| Cap Rate | 6.51% |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.07 AC |
| Building Size | 9,460 SF |
| Average Occupancy | 88% |
| No. Stories | 4 |
| Year Built | 1910 |
| Opportunity Zone |
Yes |
| Zoning | R6. C2-3 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Washer/Dryer
- Washer/Dryer Hookup
- Heating
- Hardwood Floors
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
1 1
Walk Score®
Walker's Paradise (94)
Transit Score®
Rider's Paradise (100)
Bike Score®
Biker's Paradise (90)
PROPERTY TAXES
| Parcel Number | 01258-0042 | Total Assessment | $1,264,648 CAD |
| Land Assessment | $17,133 CAD | Annual Taxes | $53,402 CAD ($5.64 CAD/SF) |
| Improvements Assessment | $1,247,515 CAD | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
01258-0042
Land Assessment
$17,133 CAD
Improvements Assessment
$1,247,515 CAD
Total Assessment
$1,264,648 CAD
Annual Taxes
$53,402 CAD ($5.64 CAD/SF)
Tax Year
2025
CONTACTS
-
Stephen Preuss -
Brian Whelan -
Mitchel Flaherty -
Kevin Schmitz -
Jonathan Auerbach -
Ripco Real Estate
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278 Albany Avenue, Crown Heights - Value Add | 278 Albany Ave
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