424 Gates Ave

Turn-key Income Producer in Bedford-Stuyvesant! This 3 story mixed-use building (2 apartments over commercial space) located in the heart of Bedford-Stuyvesant is a full 20 feet wide by 45 feet deep on a 100 foot lot. The commercial space on the groundfloor is used as the art gallery "American Medium" with a landscaped south-facing backyard that features a coy pond. The top two floors are rented two bedroom apartments with balconies on the rear. Gross rent roll for the building is $7,500/month thru 2017. Expenses are extremely low as each apartment has separate mechanicals for heat & hot water paid by the tenants. With an estimated net operating income of $80K next year, this building represents a 4.7% cap rate at asking price, with exposure to further upside in residential and commercial space in Bed-Stuy.