The Reel

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Massey Knakal is pleased to offer 3300 Netherland Avenue for sale. This premium property is a six-story, sixty-six (66) unit, elevator apartment building located in the heart of Riverdale. The unit mix is eight (8) smaller one-bedrooms, twelve (12) one-bedrooms, forty (40) two-bedrooms, and six (6) larger 2-bedrooms. Twenty (20) apartments are free market, thirty-six (36) rent stabilized, eight (8) rent controlled; there are no program tenants. There is a full basement with underground parking for 38 cars, laundry facilities, & workshops. The building is very well maintained and has no HPD violations. The owners have invested in significant upgrades, including a dual fuel boiler, rubber roof, parapet replacement, pointing, new risers & electrical system upgrades. Ownership was planning a condo conversion and allowed a number of units to vacate. As a result there are twenty (20) vacant units in various states of renovation. The property is projected to generate approximately $1,216,000 in gross revenue with a net operating income of approximately $785,000. Offering an outstanding location and future conversion potential, this is a rare opportunity to acquire a fantastic building in sought-after Riverdale.

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Neighborhoods: Riverdale/ Agents: Karl Brumback