Alpha Realty has secured the exclusive assignment to sell 363 Neptune Avenue, a gut-renovated 16-unit multifamily property in the Brighton Beach neighborhood of Brooklyn. The property presents investors with the opportunity to acquire a turnkey, 100% free-market asset in one of South Brooklyn’s most established rental markets.
363 Neptune Ave: 16-Unit Multifamily Property for Sale in Brighton Beach, Brooklyn
Located between Ocean Parkway and Brighton 3rd Street, the four-story walk-up building spans approximately 17,088 square feet and consists of 16 residential units. Originally built in 1930, the property has undergone a comprehensive renovation and offers a modernized housing product with strong in-place cash flow and limited near-term capital expenditure requirements.
Brighton Beach Multifamily Investment: Income, NOI & Asking Price
The asset is currently fully occupied and generates approximately $470,480 in effective gross income, with a projected net operating income of $300,504. The property is being offered at an asking price of $4,550,000.
363 Neptune Ave Property Overview
- Cap rate: 4.05%
- Price per unit: $318,750
- Lot size: 0.10 acres, zoned R6
- Unit mix: seven 1BR units (avg. $2,244/mo), six studio units (avg. $2,281–$3,050/mo), three 2BR units (avg. $2,618/mo)
- Walk Score: 100/100
- Transit Score: 100/100
View full listing on LoopNet
Brighton Beach Boardwalk Location & Neighborhood Overview
Brighton Beach Boardwalk Location & Neighborhood OverviewPositioned just steps from Brighton Beach’s famed boardwalk and shoreline, 363 Neptune Avenue benefits from strong neighborhood fundamentals, convenient access to the B and Q subway lines, and a diverse mix of dining, retail and entertainment options. The property’s coastal location and fully free-market rent roll make it a compelling investment opportunity within the Brooklyn multifamily market.
“363 Neptune Avenue represents a unique opportunity to acquire a fully renovated multifamily asset in one of Brooklyn’s most desirable waterfront neighborhoods,” said Lev Mavashev, Principal of Alpha Realty. “The combination of strong cash flow, free-market tenancy and a turnkey renovation is rarely available in today’s market.”
The exclusive assignment is being handled by Lev Mavashev of Alpha Realty. For additional information regarding the offering, interested parties may contact the exclusive agent.