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, now offered at an improved price of $2,449,000.

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

• Asking price: $2,449,000
• Price per square foot: $387
• 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