Schuckman Realty Inc. and Slope Realty are pleased to present an exceptional redevelopment opportunity at 388 Prospect Avenue, located in the heart of Brooklyn’s coveted Park Slope neighborhood.
Link to Listing:
https://www.crexi.com/properties/1842265/new-york-388-prospect-ave
Property Overview:
- Address: 388 Prospect Avenue, Brooklyn, NY 11215​
- Property Type: Multifamily Apartment Building​
- Building Size: 4,308 square feet​
Lot Size: 2,004 square feet - Units: 5​
- Stories: 3, plus a finished basement
- Year Built: 1931​
- Zoning: R5B
Investment Highlights:
- Asking Price: $3,200,000​
- Price per Square Foot: $742.80
- Price per Unit: $640,000​
- Cap Rate: 10.00%​
- Occupancy: Vacant​
- Property Taxes: $7,137 (Tax Class 2A)​
Redevelopment Potential:
This vacant five-unit building, previously operated as a shelter by a non-profit organization since 1984, offers significant potential for redevelopment. With its Certificate of Occupancy as a five-unit building obtained in 1986, the property is well-suited for conversion into premium condominiums or a high-end rental project.
Property Features:
- Dimensions: 25 feet by 60 feet​
- Safety Measures: Equipped with fire escapes and sprinklers​
- Additional Space: Finished basement providing extra utility​
Location Advantages:
Situated between 7th and 8th Avenues, 388 Prospect Avenue benefits from its prime Park Slope location, known for its historic charm, tree-lined streets, and vibrant community. The area offers convenient access to Prospect Park, diverse dining options, boutique shopping, and excellent public transportation links, making it highly desirable for residents and investors alike. ​
Contact Exclusive Broker for more information:
Lic. Associate RE Broker
be@schuckmanrealty.com
Keywords: Investment Sales, Multifamily, Development, Real Estate Sales, Property Sales, Exclusively For Sale.
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Disclaimer:
This information contained herein has been obtained from sources believed reliable. However, we have not verified it and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental and other conditions, prior sale, lease or financing, or withdrawal without notice. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and they may not represent the current or future suitability, availability or performance of the property. You and your tax and legal advisors should conduct your own investigation of any property and transaction. We may or may not have an exclusive or nonexclusive contractual relationship with a tenant or the owner/landlord of a particular property; and if we do, such relationship shall be fully disclosed to you on a timely basis. Third-party trademarks, service marks, graphics, and logos belong to third parties. You are not granted any right or license with respect to Schuckman Realty Inc.’s trademarks service marks, graphics, and logos or the trademarks service marks, graphics, and logos of any third party. Kenneth Schuckman is Broker of record of Schuckman Realty Inc.