225-229 23rd Street

• Three-Building Contiguous Package — 225, 227 and 229 23rd Street are three adjacent 4-story walk-ups totaling 24 units and ±16,464 GSF on a combined 75′ x 100′ footprint (7,500 SF of land). Buyers get scale in a single acquisition, with shared management, superintendent and capital planning across all three buildings.
• Stable In-Place Cash Flow — All 24 units are rent stabilized, generating $431,163 in gross income and $250,937 in NOI. The in-place rents average $1,497/month ($30/NSF), which gives a long-term hold buyer durable, low-turnover income with minimal lease-up risk.
• Attractive Basis — The package trades well below replacement cost and in line with recent Sunset Park and South Slope stabilized sales, which averaged $195/SF, $154,060/unit and an 8.10% cap rate.
• Operational Upside — Consolidating the three buildings under one owner creates efficiencies in insurance, fuel, maintenance and staffing. A hands-on operator can tighten the 40% expense ratio further.
• Greenwood Heights / South Slope Location — The buildings sit on 23rd Street between 4th and 5th Avenues, a block from the 5th Avenue retail corridor and steps from Greenwood Cemetery. The block is surrounded by continued residential demand from Park Slope and Sunset Park.
• Transportation Accessibility — The R train at 25th Street is two blocks away, and the B63 runs along 5th Avenue at the corner. Together they provide direct access to Downtown Brooklyn, Lower Manhattan and Bay Ridge.