442 Cleveland Street

Description

Buy Rehab Rent Refinance and Repeat!



Glue your eyes to 442 Cleveland, one of the best properties to enter the East New York real estate market. Located between Glenmore and Pitkin Avenues, this legal three-family home offers 8 bedrooms ranging from full to king-sized, 4 shower and tub combo bathrooms with marble floors, a spacious basement with a prebuilt office and a large private backyard. Each floor-through apartment is complete with oversized bedrooms that bring in an abundance of natural light and a plethora of storage space. These units feature a South-facing eat-in kitchen with extra-large windows, modernly styled appliances, wooden cabinetry and classic tile floors.



442 Cleveland is a true dream multifamily investment. This property features one to two bedroom apartments where the market rate for rent is $1,695 (for a one bed) and $2,200 (for a two bed) without any amenities currently. It is surrounded by a plethora of trains including the C, J and Z lines which offer a 40-50 minute commute into Manhattan, some of Brooklyn’s hotspots including Rico Chimi, La Gran Nagua Bakery and El Ambiente to name a few. Over the last few years, there have been a number of changes in the neighborhood including the expansion of Gateway Center Mall which has become a shopping staple for local residents, the Amazon warehouse boom in which the tech giant is serving as storage facility for consumer goods and offering jobs to the thriving East New York community. Additionally over the next few years there are several reconstruction and development plans in place for 58 new rental buildings in East New York specifically. According to the Mayor’s plan, East New York will turn into a Brooklyn metropolis filled with mixed-use buildings and an abundance of finer retail properties. With this in mind, investors have already solidified purchasing property in East New York as a great investment for 2023.



This property was built in 1901, purchased by the current owners in 1995 and since then has seen a number of changes, but at this time this gem wishes to be paired with a new investor that enjoys East New York, loves renovating and wishes to turn this neighborhood gem into the Brooklyn beauty it should be. According to Property Shark, there is 3,083 unused FAR available, contact your architect as to what may be added. This property is located in an Opportunity Zone which offers you huge tax benefits in the long run.

Schedule an in person tour today!

For more info including the virtual tour see- https://orders.capturedinterior.com/442-Cleveland-St

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