The Sterling Portfolio

For Sale: Six-Building Package

The Sterling Portfolio
Asking Price $41,900,000
Type Portfolio of Multifamily & Mixed-Use Buildings
Neighborhood Prospect Heights, Park Slope, & Ditmas Park
Properties 6 Buildings
Lot Size Request for OM
Zoning Code Request for OM
Size 70,378 Total Gross SF
Stories Five 4 Story Buildings | One 2 Story Building
Units 71 Total Units
Air Rights

Investment Highlights:

 

Meridian Investment Sales is pleased to present the exclusive offering for The Sterling Portfolio, a six-building package of multifamily and mixed-use buildings located in many of Brooklyn’s most desirable neighborhoods. 189 Sterling Place, 429 Sterling Place, 442 Sterling Place, and 743 Washington Avenue are located in Prospect Heights; 196 7th Avenue is located in Park Slope; and 801 Ocean Avenue is located in Ditmas Park.

Consisting of a total of 67 residential and 4 commercial units, the portfolio offers investors a diverse group of assets located in high rent growth neighborhoods with below market in-place rents. The combined portfolio totals over 70,000 square feet, with a gross annual income of approximately $2,568,000. 74% of the units are Free Market, the majority of which are currently being leased at below market rents, offering investors an immediate path to higher cash flow.

All of the properties benefit from easy access to express subway transportation and are within walking distance of Prospect Park. The Offering is a unique opportunity to acquire diversified scale in premier Brooklyn neighborhoods with below market Free Market units with near term upside, as well as drastically below-market rent stabilized units that offer long term growth. Additionally, the portfolio’s 4 commercial spaces are all located along prime retail corridors and are currently leased below market.

Location:

Prospect Heights, Park Slope, & Ditmas Park

Property Listing Contact:

Richard Velotta // Senior Managing Director // 800 3rd Ave., New York, NY // 212.468.5924 // RichardV@meridiancapital.com

Scott Shalek // Vice President // 800 3rd Ave., New York, NY // 212.468.5934 // SShalek@meridiancapital.com