Listing Courtesy of Corcoran Group
$1,089,000
Est. payment /mo
16 Beds
8 Baths
New
1219 HALSEY Street Brooklyn, NY 11237
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Subdivision Bushwick
MLS Listing ID RLS20091231
Bedrooms 16
Full Baths 8
HOA Y/N No
Year Built 1906
Annual Tax Amount $14,208
Property Sub-Type Multi Family
Property Description
Investment Opportunity 1219 Halsey Street, Bushwick, Brooklyn, NY 11237
8-Unit Multifamily Building Asking $1,089,000
Corcoran has been exclusively retained to market and sell 1219 Halsey Street - a fully occupied, income-producing 8-unit multifamily building situated in the heart of Bushwick, Brooklyn. Originally constructed in 1906, this classic four-story masonry walk-up is a study in both enduring character and modern operational efficiency, offering an investor a rare combination of immediate cash flow and meaningful long-term upside.
The Property
The building features eight spacious 2-bedroom, 1-bathroom railroad-style apartments, each averaging 861 square feet, with a desirable southeast-facing exposure that fills every unit with natural light throughout the day. The building sits on a 26.42 100 ft lot, is zoned R6, and carries a Tax Class 2B designation.
Capital Improvements
Significant capital improvements have been completed, positioning this asset as truly turnkey for its next owner. Upgrades include a full electrical panel modernization with circuit breakers routed to all four floors, updated individual meters, renovated kitchens and bathrooms throughout, and a conversion from oil to gas heating - a meaningful operational improvement that substantially reduces ongoing costs and long-term maintenance exposure.
Income & Financial Performance
All eight tenants are current with zero arrears, generating $10,015 per month and $120,180 in gross annual rent. Annual operating expenses break down as follows:
Real estate taxes: $14,205 Water: $10,290 Insurance: $10,403 Gas / heating: $6,800 Common area electric: $1,584 Total expenses: $43,282 This yields an estimated Net Operating Income of $76,898, a cap rate of approximately 7.06%, and a Gross Rent Multiplier of 9.06x - compelling metrics for a stabilized Brooklyn multifamily asset at this price point.
Worth noting: the building currently operates on flat-fee water billing, presenting an immediate opportunity for a new owner to transition to metered billing and further reduce operating expenses.
Location
Situated steps from the Halsey Street J/Z subway station and Irving Square Park, 1219 Halsey Street benefits from exceptional transit connectivity and immediate access to the vibrant dining, retail, and nightlife corridor along Knickerbocker Avenue. Bushwick continues to be one of Brooklyn's most dynamic and actively appreciating neighborhoods, drawing a growing base of young professionals and long-term residents alike - underpinning both rental demand and asset value for years to come.
The Opportunity
With zero arrears, a stabilized tenancy, a modernized physical plant, and strong in-place cash flow, 1219 Halsey Street represents an ideal acquisition for an investor seeking a low-maintenance, income-producing asset in one of Brooklyn's most compelling submarkets. Properties of this quality, at this cap rate, at this price point, do not last.
Location
State NY
County Kings
Rooms
Basement Other
Interior
Interior Features Smoke Free
Cooling Window Unit(s)
Fireplace No
Laundry In Unit
Exterior
Exterior Feature Private Outdoor Space Over 60 Sqft
View Y/N Yes
View Other
Porch None
Private Pool No
Building
Dwelling Type Townhouse
Story 4
New Construction No
Others
Pets Allowed Pets Allowed
Tax ID 03406-0060
Ownership None
Monthly Total Fees $1, 184
Special Listing Condition Standard
Pets Allowed Building Yes, No
RLS Data display by New York (LondonFosterNY.com)
Nearby Locations
GET MORE INFORMATION