1565 70th St
Listing Notes
Excellent investment opportunity! This well-maintained 6-family property underwent a complete gut renovation in 2011 and has been meticulously maintained ever since. The extensive renovation included structural steel beam reinforcement, all new plumbing and sewer lines, a fully updated electrical system, separate heating and hot water systems for each unit, all new windows, a new metal staircase, and complete reconfiguration of the apartments with new kitchens, bathrooms, and flooring throughout. The property consists of six residential units, including two spacious 3-bedroom, 1-living room apartments and four 3-bedroom apartments with large eat-in kitchens, plus a basement currently rented as storage for additional income that can be delivered vacant at closing. Current rental income totals $13,626 per month ($163,512 annually), including basement income. Annual operating expenses are approximately $32,093, consisting of property taxes of $20,973, water and sewer charges of $5,400, insurance of $5,000, and electric of approximately $720, resulting in a strong Net Operating Income (NOI) of approximately $131,419 per year. With stable cash flow, separate utilities, low maintenance requirements, and significant long-term upside potential, this property presents an outstanding opportunity for investors seeking a turnkey income-producing asset.
Price in context
Cheaper than 8% of the 24 homes listed nearby right now, which run $1,200,000 to $2,180,000.
See all 24 nearby listings
| Address | Asking | Size |
|---|---|---|
| 6623 Ovington Ct | $1,200,000 | 3 bd · 3 ba |
| 1722 70th St | $1,300,000 | 3 bd · 2 ba |
| 1621 70th St | $1,330,000 | 4 bd · 3 ba |
| 7118 17th Ave | $1,335,000 | 6 bd · 2 ba |
| 1722 70th St | $1,388,000 | 3 bd · 2 ba |
| 1545 65th St | $1,399,000 | 3 bd · 2 ba |
| 1564 Bay Ridge Ave | $1,489,000 | 11 bd · 6 ba |
| 1464 66th St | $1,550,000 | 6 bd · 5 ba |
| 1581 74th St | $1,578,000 | 6 bd · 2 ba |
| 1716 71st St | $1,599,000 | 4 ba |
| 1716 71st St | $1,599,000 | 4 ba |
| 6909 15th Ave | $1,649,000 | 12 bd · 6 ba |
| 1530 71st St | $1,699,000 | 8 bd · 7 ba |
| 6910 15th Ave | $1,699,000 | 8 bd · 4 ba |
| 6915 14th Ave | $1,699,000 | 5 bd · 5 ba |
| 1436 66th St | $1,750,000 | 6 bd · 6 ba |
| 6633 Duryea Ct | $1,850,000 | 9 bd · 7 ba |
| 1432 70th St | $1,850,000 | 6 bd · 2 ba |
| 1424 68th St | $1,858,000 | 3 bd · 3 ba |
| 1456 Bay Ridge Ave | $1,899,000 | 9 bd · 5 ba |
| 1430 70th St | $1,950,000 | 8 bd · 3 ba |
| 1428 70th St | $1,950,000 | 6 bd · 2 ba |
| 1536 68th St | $2,100,000 | 13 bd · 5 ba |
| 1462 66th St | $2,180,000 | 11 bd · 8 ba |
Where it is
For sale Coming soon Recently sold— zoom out for more