1545 Pacific Street | 7-Unit Rent-Stabilized Brownstone | 9.98% Stabilized Cap
Marketing description
eXp Realty is pleased to present 1545 Pacific Street, a well-positioned 7-unit rent-stabilized brownstone in Brooklyns Crown Heights neighborhood, offered at $1,575,000.
The property presents an attractive opportunity for investors seeking strong existing income combined with immediate upside. Five apartments are currently occupied at rents that are relatively close to their registered levels, while two apartmentsGarden/1G and 3Bare intentionally being held vacant for the incoming purchaser, providing the new owner with flexibility upon acquisition.
The 2025 DHCR registration reflects legal registered rents of $2,450.74/month for Garden/1G and $2,668.75/month for 3B. Including these legal rents in the stabilized rent roll results in approximately $186,942 in annual gross rental income, an estimated $159,684 NOI, and an attractive 9.98% stabilized cap rate at the $1.575M asking price.
The property benefits from relatively low operating expenses, including annual real estate taxes of approximately $11,262 and insurance of approximately $3,600. Ownership currently reports approximately $9,096 annually for water, electric and gas combined. An incoming investor may have an additional opportunity to increase NOI by separating electric and gas and shifting individual usage to tenants, subject to all applicable rent-stabilization, utility and regulatory requirements.
The building offers classic Brooklyn brownstone character, with apartments featuring details such as exposed brick, hardwood flooring, high ceilings and abundant natural light. The property measures approximately 19.17' x 45' on a 19.17' x 100' lot and is situated in an R6 zoning district.
Location further strengthens the investment. The KingstonThroop A/C subway station is only a few blocks away, providing convenient access throughout Brooklyn and into Manhattan. The property is also surrounded by the increasingly popular dining and lifestyle destinations of Crown Heights and Bed-Stuy, including Zaca Cafe, Saraghina, Trad Room, L'Antagoniste, Peaches, and numerous additional cafes, restaurants and neighborhood amenities.
Investment Highlights: 7 rent-stabilized units 2 apartments intentionally delivered vacant $1,600,000 asking price approximately $186,942 stabilized annual rental income approximately $159,684 NOI 9.98% stabilized cap rate $11,262 annual taxes additional utility-separation upside R6 zoning classic brownstone construction strong Crown Heights/Bed-Stuy location convenient A/C subway access.
1545 Pacific Street represents an opportunity to acquire a high-yielding Brooklyn multifamily asset with strong stabilized income, two vacant apartments for the incoming purchaser, and additional operational upside.