Invictus Property Advisors is proud to announce the sale of 433 Dekalb Avenue. The subject property is a four (4) story mixed-use walk-up building located on Dekalb Avenue between Classon Avenue and Taaffe Place in Clinton Hill.

The property contains six (6) free market units, all of which are three (3) bedrooms. The residential units have leases expiring in August 2022, which presents a unique opportunity to renew the leases during peak rental season and capture student housing demand as residents arrive to Pratt Institute for the fall semester. The apartments are renting for $44/NSF, representing upside upon tenant turnover. Additionally, the Fried Chicken Restaurant, which has been a tenant in the building for over 30 years, is paying $49/NSF, which is also below market and can be renewed at a higher rate upon lease expiration in 5 years. The current owner prioritized a consistent income stream as opposed to maximizing the revenue stream, and as a result, he leased these units for below-market rate.

Current ownership Substantially Rehabilitated the asset in 2009 and upgraded well over 90% of the building systems. Roughly five years ago, additional upgrades were made to the units by upgrading cosmetic finishes including kitchen appliances and bathrooms. Ownership obtained an order and determination from DHCR confirming the status of the apartments as free market and exempt from rent stabilization. Additional preventive maintenance was performed on the hot water heaters, boiler parts and controls, and roof.

433 Dekalb Avenue is located directly across the street from Pratt Institute, which has 5,000 undergrad students, as well as NYPD's 88th Precinct. It is also within close proximity to several new developments in the area, including 445 Vanderbilt Avenue, a 5-story 43-unit apartment complex being built by the Loketch Group. Additionally, Hope Street Capital is building a 280,000 square foot development project with plans for 284 apartments and 60,000 square feet of retail at 550 Clinton Avenue.