REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$ 2,449,500
Est. payment /mo
New
1448 Pacific ST Brooklyn, NY 11216
22 Beds
8 Baths
6,328 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 6,328 sqft
Price per Sqft $387
MLS Listing ID 506032
Bedrooms 22
Full Baths 8
Year Built 1931
Annual Tax Amount $14,814
Property Sub-Type Multi-Family
Property Description
1448 Pacific Street is an eight (8) -unit, four-story building of approximately 6,328 SF in Brooklyn's landmarked Crown Heights North Historic District.
The late-19th-century facade features projecting bay windows, decorative brickwork, ornate rosette detailing, and a denticulated metal cornice, preserved by the district's landmark protections.
The building has five (5) free-market and three (3) rent-stabilized apartments. Most of the projected upside comes from the free-market units, which currently rent between $2,300 and $3,045 per month and are projected at $4,000 at market-rate leasing.
Investment Highlights
Unit mix: (8) units: (5) free-market, (3) rent-stabilized
Occupancy: 7 of 8 units occupied; rent-stabilized unit 1L is vacant
Current rent roll: $213,363 per year (includes legal rent for vacant unit 1L)
Operating expenses: $65,990 (June 2025-May 2026)
Current NOI: $147,373, a 6.0% cap rate on scheduled rents
Projected gross income: $308,319
Projected NOI: $242,329, a 9.9% cap rate (assumes projected rents are achieved and expenses stay flat)
GRM: 11.5x current, 7.9x projected
Projected rent upside: $94,956 per year ($82,500 from free-market units; $12,456 from rent-stabilized units, realizable only as permitted under rent stabilization rules)
Transportation: C at Kingston-Throop Avenues; A/C at Nostrand Avenue
Figures are based on the owner's current rent roll and expense records. Projections are estimates; rents, occupancy, legal rents, and future expenses are subject to buyer verification.
Rent roll, expenses, and Offering Memorandum available on request.
The late-19th-century facade features projecting bay windows, decorative brickwork, ornate rosette detailing, and a denticulated metal cornice, preserved by the district's landmark protections.
The building has five (5) free-market and three (3) rent-stabilized apartments. Most of the projected upside comes from the free-market units, which currently rent between $2,300 and $3,045 per month and are projected at $4,000 at market-rate leasing.
Investment Highlights
Unit mix: (8) units: (5) free-market, (3) rent-stabilized
Occupancy: 7 of 8 units occupied; rent-stabilized unit 1L is vacant
Current rent roll: $213,363 per year (includes legal rent for vacant unit 1L)
Operating expenses: $65,990 (June 2025-May 2026)
Current NOI: $147,373, a 6.0% cap rate on scheduled rents
Projected gross income: $308,319
Projected NOI: $242,329, a 9.9% cap rate (assumes projected rents are achieved and expenses stay flat)
GRM: 11.5x current, 7.9x projected
Projected rent upside: $94,956 per year ($82,500 from free-market units; $12,456 from rent-stabilized units, realizable only as permitted under rent stabilization rules)
Transportation: C at Kingston-Throop Avenues; A/C at Nostrand Avenue
Figures are based on the owner's current rent roll and expense records. Projections are estimates; rents, occupancy, legal rents, and future expenses are subject to buyer verification.
Rent roll, expenses, and Offering Memorandum available on request.
Location
State NY
County Kings (brooklyn)
Area Crown Heights
Zoning R6
Rooms
Basement Full
Interior
Hot Water Gas
Heating Gas
Flooring Hardwood
Heat Source Gas
Exterior
Exterior Feature Limestone
Amenities Available Non-Resident Superintendent
Roof Type Flat
Handicap Access No
Building
Story 4
Foundation Block
Others
Energy Description Gas
Financing Bank Mortgage
Listed by Corcoran BK LLC
Nearby Locations