Description
188 Butler Street presents a rare opportunity to acquire a fully occupied 3-unit free-market multifamily
property with significant condo conversion and development upside. Located on a prime Gowanus block
near Bond Street, the property offers approximately 2,400 SF of unused FAR, allowing for potential
vertical expansion to 5 units. With modern finishes, outdoor space, and in-unit washer/dryers, the
existing building is also positioned for strong cash flow or immediate resale as boutique condos.
The property may be acquired subject to an assumable mortgage with a favorable 5.25% fixed interest
rate. This is an ideal investment for developers, architects, 1031 exchange buyers, or owner-users
seeking value-add potential in one of Brooklyn’s fastest-growing neighborhoods.
INVESTMENT HIGHLIGHTS:
Free-Market 3-unit multifamily asset
Potential to acquire favorable 5.25% fixed interest rate.
Approximately $12,000/month in-place rent roll with ability to increase rents to match
market rates at lease expiration.
2,400 SF of unused residential FAR (R6B/M1-4 zoning)
Potential to add 2 additional units via vertical expansion
Modern finishes, each unit equipped with washer/dryer
Private
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Property Details
- Multi Family
Amenities
- Private Outdoor Space Under60 Sqft
- Cooling: Wall Units
- Patio
- View: City
- Pets: Building Yes, Yes
The Neighborhood
DUMBO (short for Down Under the Manhattan Bridge Overpass) was once an industrial area and has since become one of the borough’s toniest neighborhoods.
Its late 19th-century warehouses have been converted into luxury condominiums that line the cobblestone streets along with opulent new developments and amenity-filled rental buildings. Outdoor activities are made easy in the award-winning Brooklyn Bridge Park where kayaking, “rock” climbing, and soccer are just a few of the many offerings. If you’re feeling lazy, take a ride on Jane’s historical carousel or grab an ice cream at the Brooklyn ... read more
For information on 188 Butler Street, # contact:
Founder, Principal Broker
212-388-1115
Founder, Principal Broker
listings@lohorealty.com
212-388-1115
