181 Irving Avenue

Description

Prime Bushwick 4-Family Mixed-Use Investment Opportunity 181 Irving Avenue is a fully occupied mixed-use brick property offering a strong combination of in-place income, diversified tenancy, and future development potential in Bushwick, Brooklyn. The property features four residential apartments and two established ground-floor commercial storefronts, providing multiple income streams and an attractive investment profile. The property generates approximately $230,400 in annual gross scheduled income with a preliminary NOI of $187,305. The four residential apartments are railroad-style layouts with high ceilings, large windows, hardwood floors, modern finishes, and well-maintained interiors. Current residential rents range from $2,900 to $3,200 per month. The two commercial storefronts are occupied by established neighborhood businesses, including a pet store and coffee shop, with retail leases extending through 2030, providing additional income stability. The pet store lease includes private backyard space, and the coffee shop reimburses one-third of the building's total water expense. The property sits on a 25' × 100' lot with approximately 4,875 SF of building area, full basement, private backyard, and R6 zoning. The listing reports approximately 1,198 SF of additional buildable area, providing potential future expansion or development upside, subject to zoning requirements and applicable approvals. The roof is approximately 7 years old, the boiler approximately 7 years old, and the water heater approximately 2 years old. Financially, the property offers approximately $230,400 in annual gross scheduled income, with approximately $43,095 in total operating expenses and a preliminary NOI of $187,305. At the asking price of $2,790,000, the property offers a preliminary 6.8 cap rate. The combination of strong in-place income, diversified residential and commercial tenancy, retail leases extending through 2030, and additional development potential makes 181 Irving Avenue an attractive opportunity for investors seeking current cash flow and long-term upside. Serious inquiries are invited to request the complete financial package and arrange a private showing. The property may also be considered as a 1031 exchange replacement property, subject to the buyer's tax and legal advisors. All rents, leases, expenses, taxes, zoning, square footage, FAR, tenant obligations, and building conditions should be independently verified by the purchaser. NOI and cap rate are preliminary and are not an appraisal or guarantee of sale price.