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Listing Courtesy of NYC Property Expo, Inc.
$ 3,999,000
Est. payment | /mo
3 Baths
2,400 SqFt
$ 3,999,000
Est. payment | /mo
3 Baths
2,400 SqFt
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 2,400 sqft
Price per Sqft $1,666
Subdivision Gowanus
MLS Listing ID RLS20039715
Style Prewar,Walk-Up
HOA Y/N No
Year Built 1901
Annual Tax Amount $7,910
Property Sub-Type Multi Family
Property Description
188 Butler Street presents a rare opportunity to acquire a fully occupied 3-unit free-market multifamily
property with significant condo conversion and development upside. Located on a prime Gowanus block
near Bond Street, the property offers approximately 2,400 SF of unused FAR, allowing for potential
vertical expansion to 5 units. With modern finishes, outdoor space, and in-unit washer/dryers, the
existing building is also positioned for strong cash flow or immediate resale as boutique condos.
The property may be acquired subject to an assumable mortgage with a favorable 5.25% fixed interest
rate. This is an ideal investment for developers, architects, 1031 exchange buyers, or owner-users
seeking value-add potential in one of Brooklyn's fastest-growing neighborhoods.
INVESTMENT HIGHLIGHTS:
Free-Market 3-unit multifamily asset
Potential to acquire favorable 5.25% fixed interest rate.
Approximately $12,000/month in-place rent roll with ability to increase rents to match
market rates at lease expiration.
2,400 SF of unused residential FAR (R6B/M1-4 zoning)
Potential to add 2 additional units via vertical expansion
Modern finishes, each unit equipped with washer/dryer
Private outdoor space for ground floor unit
Gowanus condo comps averaging $1,300-$1,500/SF
property with significant condo conversion and development upside. Located on a prime Gowanus block
near Bond Street, the property offers approximately 2,400 SF of unused FAR, allowing for potential
vertical expansion to 5 units. With modern finishes, outdoor space, and in-unit washer/dryers, the
existing building is also positioned for strong cash flow or immediate resale as boutique condos.
The property may be acquired subject to an assumable mortgage with a favorable 5.25% fixed interest
rate. This is an ideal investment for developers, architects, 1031 exchange buyers, or owner-users
seeking value-add potential in one of Brooklyn's fastest-growing neighborhoods.
INVESTMENT HIGHLIGHTS:
Free-Market 3-unit multifamily asset
Potential to acquire favorable 5.25% fixed interest rate.
Approximately $12,000/month in-place rent roll with ability to increase rents to match
market rates at lease expiration.
2,400 SF of unused residential FAR (R6B/M1-4 zoning)
Potential to add 2 additional units via vertical expansion
Modern finishes, each unit equipped with washer/dryer
Private outdoor space for ground floor unit
Gowanus condo comps averaging $1,300-$1,500/SF
Location
State NY
County Kings
Interior
Heating Electric
Cooling Wall Unit(s)
Equipment Intercom
Fireplace No
Laundry See Remarks
Exterior
Exterior Feature Private Outdoor Space Under 60 Sqft
View Y/N Yes
View City
Porch Patio
Private Pool No
Building
Dwelling Type Multi Family
Story 3
New Construction No
Others
Pets Allowed Pets Allowed
Ownership None
Monthly Total Fees $659
Pets Allowed Building Yes, Yes
RLS Data display by eXp Realty