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 Brooklyns 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