32-34 5th Ave 7 Unit Apartment Building $11,586,136 CAD ($1,655,162 CAD/Unit) 5.53% Cap Rate Brooklyn, NY 11217

32-34 5th Avenue provides an exceptional income-producing multifamily investment at the heart of Brooklyn’s renowned Park Slope neighborhood. Comprising seven apartment units and two ground-floor storefronts, this rare offering delivers a high-yield acquisition with stable in-place rental income.

Originally built in 1920 and meticulously maintained and upgraded over the years, 32-34 5th Avenue spans a total of 6,063 square feet across three stories. The property boasts great curb appeal from a prominent corner location, drawing strong interest from the area’s heavy vehicle and foot traffic. Currently, the ground-floor retail units are leased by La Pizza Italia and Insomnia Cookies, an industry-leading dessert retailer with over 300 locations worldwide. All the apartments are one-bedroom units that provide flexible layouts and rich natural lighting from large windows.

Situated directly across from the Barclays Center, 32-34 5th Avenue benefits from an incredible position at the epicenter of one of Brooklyn’s most desirable submarkets, Park Slope. The area is a bustling commercial and residential hub, with over 77,000 vehicles passing through the nearby intersection of Atlantic Avenue and Flatbush Avenue each day. In addition to these vital corridors, residents of the area are able to walk to several subway stations with service for the 2, 3, 4, 5, B, D, N, R, and Q subway lines. The nearby Atlantic Av-Barclays Center station is also Brooklyn’s busiest station, providing a steady stream of prospective residents and customers. This convenient location attracts residents with walkable access to many of Park Slope’s popular local restaurants, as well as national retail options such as Whole Foods, Walgreens, an Apple Store, Chick-fil-A, Shake Shack, Dunkin', Pizza Hut, and more. The property also sits under a mile from lush outdoor spaces at Prospect Park and Fort Greene Park.

Park Slope stands out as an attractive location for multifamily investment due to its strong market fundamentals and desirable tenant demographics. The submarket currently has a low vacancy rate of just 4.1%, with over 2,800 units absorbed in the past year, highlighting robust demand for rentals. Unlike many areas in the overall MSA, Park Slope has experienced population growth over the last five years, now counting more than 178,000 residents within a mile of 32-34 5th Avenue. More than 80% of residents are renters, ensuring steady demand for high-quality rental properties. The average household income exceeds $155,000, and the area’s affluent population drives over $2.8 billion in annual consumer spending, including more than $506 million dedicated to household-related purchases.

Claim a performing multifamily investment in one of New York City’s most desirable submarkets, offering stable rental revenue and robust appreciation potential, at 32-34 5th Avenue in Park Slope. Reach out to the Marcus & Millichap team today to schedule a tour and learn more about this incredible opportunity.