2041 Palmetto Street offers investors a unique opportunity to own a partially renovated, cash flowing asset with additional unlocked value in the residential rent roll. Units 1L and 1R are fully renovated and de-regulated while the remaining upper four units are also reasonably updated units that are set up as 3-bedroom boxed apartments, extremely rare for the area. Three bedroom units of this size are currently renting for an average of $2,500, which is roughly 50% above most of the current rents. With air-shafts on both sides and a basement with eight foot ceilings, the building offers additional rentable square footage that can be capitalized on. The property is located between Grandview and Fairview Avenues, which is less than a 5-minute walk to the Forest Avenue "M" train and an approximate 10-minute walk to the Myrtle/Wyckoff "L" train, both providing 20 minute access to Manhattan. Forest Avenue, which is a short walk just west of the property, is a major retail corridor that links the primary arteries of Myrtle Avenue to the South and Metropolitan Avenue to the North. The sub-market itself has experienced unparalleled growth with an influx of new residents living and working on the outskirts of Queens & Northern Brooklyn. In response to this change, the area has seen new dining and nightlife establishments opening on every retail corridor, with former manufacturing areas now converting into office, community facilities and live-work spaces. It is truly one of the most evolving and exciting areas of New York City.
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
