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199 Java Street
199 Java Street
199 Java Street
199 Java Street
199 Java Street
199 Java Street
199 Java Street
199 Java Street
199 Java Street
199 Java Street
199 Java Street
199 Java Street
199 Java Street
199 Java Street
199 Java Street
199 Java Street
199 Java Street
199 Java Street
199 Java Street
199 Java Street
199 Java Street
199 Java Street
199 Java Street
199 Java Street
199 Java Street
199 Java Street
199 Java Street
199 Java Street
199 Java Street
199 Java Street
199 Java Street
199 Java Street
VIEW PHOTOS
$3,999,000

199 Java Street

13 Beds 11 Baths 7,200 Sq.Ft.

Description


The opportunity:
* Live With Income: Take up residence in a pre-war, multi-family townhouse with significant recurring rental income in Greenpoint, Brooklyn for $3.99M.

* Live in a newly built-out duplex apartment in one of Brooklyn's hottest areas for below-market prices, and amass equity quickly with passive rental income. The owner's unit build-out can be fully customized.


The property:
Located on a tree-lined street in Greenpoint, Brooklyn, 199 Java Street is a 7,200 sq ft, 6-family brick-and-stone structure built in 1931. Spanning 25' by 80' on a 25' X 100' lot, the handsome building has 6 rental units.


Purchase Economics:
Take up residence in a brand-new 1800 sq ft duplex apartment with exclusive garden access, and receive an estimated $181,000 in net income from five rental units.

Assuming a conservative price per square foot of $1,100 for the newly renovated space, the owner's duplex would be valued at $1.98M on the open market.

The new owner in essence acquires the raw duplex space for $1.0M, or $555/sq ft (well below market price in Greenpoint, if you can even find it). Then, for the remaining $2.99M of the overall purchase price, the new owner takes over the remaining rentals in the building (whose net annual income of $181,000 represents a CAP rate of 6.2%).


Larger Owners Unit Potential:
The purchaser can also opt to create a larger living space by combining additional units in the building. For example, the buyer could combine both garden/parlor-floor duplexes to create an incredible 3600 sq ft home with multiple private outdoor spaces, and receive net rental income of $125,000 per year. On the open market, a sprawling luxury duplex like this would conservatively be valued at $3.96M.


The Best Neighborhood in Brooklyn:
Offering NYC skyline views, beloved parks, and recently developed waterfront green spaces, Greenpoint has leapfrogged other popular Brooklyn neighborhoods to become a prime destination for transplants from other parts of the city and all over the world.
It is considered to be one of the hottest neighborhoods in New York City. Greenpoint's abundance of culinary and nightlife options is evidence of its thriving growth, while at the same time remaining a sought-after residential neighborhood. Greenpoint is a veritable wonderland of mom-and-pop shops and food markets, boutiques and curio shops - many of them dating back to the 1910's, while others opened circa the 2010's. Served by both the G subway line and ferry service, Greenpoint is easily reachable by commuters and visitors alike.

Setup available upon request.

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Location

199 Java Street, Brooklyn, NY 11222

Status

For Sale
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Schedule a Showing

We would love to show you our beautiful property. Please select your preferred date and time below. An agent will be in touch shortly to confirm your appointment.

Schedule a Showing

We would love to show you our beautiful property. Please select your preferred date and time below. An agent will be in touch shortly to confirm your appointment.
Thank you for your interest in 199 Java Street, Brooklyn, NY 11222. We are reviewing your request and will be in touch shortly!
Ralph Modica

Ralph Modica

TITLE

Licensed Associate Real Estate Broker

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Property Amenities

View additional property information below.
Interior
Laundry room Common On Floor, Common Area
Total Bedrooms: 13
Half Bathrooms: 2
Full Bathrooms: 10
Area & Lot
Total area 7,200 Sq.Ft.
Living area 7,200 Sq.Ft.
MLS® ID RLS20051367
Year Built 1931
Architecture Styles Walk-Up
Type Multi-Family
Status For Sale
Exterior
Stories 3
Finance
Sales Price $3,999,000
Real Estate Tax $13,860 yearly

Work With Us

Known for providing well-informed service with integrity, The Modica Geloso Team agents are smart, motivated and highly skilled. Their diversity of expertise means no deal is too large or too small, and Compass' nationwide footprint puts every major market within easy reach.