34-51 9th Street is a well-maintained three-story apartment building featuring twelve residential units. The property includes seven two-bedroom apartments, two one-bedroom apartments, two three-bedroom apartments, and one four-bedroom duplex, all of which have been recently renovated with new kitchens, bathrooms, and windows. Each unit is separately metered, ensuring individual utility management. The building also boasts a full, finished basement, a new boiler, and a new roof, contributing to its excellent condition and appeal to potential renters.
The property is fully rented at below market rents, with four Section-8 units that have expired leases, presenting an opportunity for increased rental income. Additionally, the building is situated in an area experiencing several new developmental projects, which may enhance its value over time. Notably, a new six-story, 79-unit building is planned just a block away, designed by PACS Architecture and developed by Michael Heletz, indicating a growing interest in the neighborhood.
Residents of 34-51 9th Street enjoy convenient access to local amenities and the NYC skyline. The property features a driveway on the south side, providing access to a rear shed and parking space. With an assumable mortgage available at 4% interest, this building presents a compelling investment opportunity in a rapidly developing area.