168 Russell Street

Description

**Prime Greenpoint 6-Family Investment Opportunity** An OPPORTUNITY to acquire a Mostly Renovated Six-Family Frame building in the HEART of Greenpoint, Brooklyn, one of New York City's most desirable and consistently appreciating neighborhoods. Lovingly owned and cared for by the SAME FAMILY for over 40 years, this is the FIRST time in decades that this exceptional asset has been offered for sale. The pride of ownership is evident throughout, making it a rare opportunity to acquire a building that has been meticulously maintained over generations. Built in 1931, this 3-story multifamily building sits on a 25' x 100' lot with a 25' x 60' building footprint, offering a solid investment with strong in-place income and future upside. Zoned R6B, the property is ideally positioned in one of Brooklyn's most sought-after residential neighborhoods. Currently generating $183,600 in annual gross rental income, the building has been extensively improved, with 5 of the 6 apartments Renovated, reducing immediate capital expenditures while enhancing tenant appeal. Even more attractive for investors, 3 of the 6 apartments are DEREGULATED *(becomes deregulated upon vacancy), providing immediate and long-term rental growth potential. The property also features a Full Basement with Tall Ceilings, offering Excellent Storage future possibilities (subject to applicable approvals). Annual real estate taxes are an attractive $13,608.16, contributing to a favorable operating profile. Perfectly situated on a quiet, tree-lined street just moments from Manhattan Avenue, McGolrick Park, McCarren Park, renowned restaurants, cafes, boutique shopping, and convenient G Train access, the property continues to benefit from Greenpoint's exceptional rental demand and enduring appreciation. Investment Highlights: **First time offered in over 40 years** Same family ownership for over four decades! -6-Family Frame Building -Built: 1931 -3 Stories -Building Size: 25' x 60' -Lot Size: 25' x 100' -Zoning: R6B -Annual Gross Income: $183,600 -Annual Property Taxes: $13,608.16 -5 of 6 Apartments Renovated -3 Deregulated Units -Full Basement with Tall Ceilings -Excellent current cash flow with significant long-term upside -Located in one of Brooklyn's most desirable and resilient rental markets Opportunities like this are increasingly rare. Combining decades of attentive ownership, strong existing income, renovated apartments, deregulated units, and a premier Greenpoint location, 168 Russell Street represents a true legacy investment for the next generation of ownership.