Listing courtesy of NYC Property Expo, Inc. 6462212284
188 Butler Street, Brooklyn, (Gowanus), NY, 11217
10 rooms
0 beds
3 Full baths
1901
Prewar, Walk-Up
2,400 sqft
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 outdoor space for ground floor unit
Gowanus condo comps averaging $1,300-$1,500/SF
Status:
Active
Town:
Brooklyn
Type:
Condo/Coop
Laundry Remarks:
See Remarks
Units:
0
Heating:
Electric
Cooling:
Wall Unit(s)
Levels:
3
Lot Size:
25.00 x 100.00
Est. Taxes:
$7,910
View Description:
City
Pet Policy:
Building Yes, Yes
MLS #:
RLS20039715
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School Info
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