Seller's Agent in 2025
Michael Rastegar
Re/Max Elite
(347) 732-2749
2 in this area
59 Total Sales
1349 E 57th St Brooklyn, NY 11234
Flatlands Neighborhood
12
Beds
6
Baths
5,625
Sq Ft
2,504
Sq Ft Lot
About This Home
As of March 2025RENT STABILIZED. Discover this exceptional investment property-a well-maintained legal 6-family building in the heart of Borough Park. Each of the six units offers 2 bedrooms and 1 bathroom, totaling 4 rooms per unit. Five of the six units are currently occupied, with one vacant, providing immediate potential for increased rental income. With a gross annual income of approximately $94,481, this property promises solid returns. Current rent rolls are as follows: Unit 1 collects $1,320/month (lease ends January 30, 2025), Unit 2 collects $792/month (lease ends January 30, 2025), Unit 3 collects $1,600/month (lease ends June 30, 2025), Unit 4 is vacant but can be rented at $1,130.40/month, Unit 5 collects $1,561/month (lease ends January 30, 2025), and Unit 6 collects $1,470/month (lease ends December 30, 2025). The current annual expenses are as follows: Boro Fuel, $12,888; Water, $9,861; Insurance, $4,836; Electricity, $720; Property Taxes, $23,022. This property offers a prime value-add opportunity with upcoming vacancies and potential rent adjustments. Recent upgrades include a new boiler, new roof, four new refrigerators, and three new ovens, and the current landlord has diligently kept up with maintenance, ensuring the building is in pristine condition. This is a rare chance to acquire a well-maintained, income-producing property with substantial growth potential. Don't miss out on this investment opportunity! As per the seller's request, all showings must be scheduled by appointment only. The seller requires that all interested buyers provide either a proof of funds statement or an up-to-date pre-approval letter to schedule an appointment. Disclaimer: All information provided is deemed reliable, but is not guaranteed and should be independently verified.
Co-Listed By
Peter Destefano
Re/Max Elite
Property Details
Home Type
- Multi-Family
Est. Annual Taxes
- $23,022
Year Built
- Built in 1920
Lot Details
- 2,504 Sq Ft Lot
Home Design
- 5,625 Sq Ft Home
- Brick Exterior Construction
Bedrooms and Bathrooms
- 12 Bedrooms
- 6 Full Bathrooms
Additional Features
- Unfinished Basement
Ownership History
Date
Name
Owned For
Owner Type
Purchase Details
Closed on
Jul 25, 2001
Sold by
Michel Loubert
Bought by
Michel Loubert and Michel Soledad
Current Estimated Value
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$135,000
Interest Rate
6.64%
Purchase Details
Closed on
Apr 14, 1998
Sold by
Vanetten Alice M
Bought by
Michel Loubert and Bazelais Evans
Home Financials for this Owner
Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$138,000
Interest Rate
7.05%
Mortgage Type
FHA
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Home Values in the Area
Average Home Value in this Area
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Deed | -- | -- | |
| Deed | $143,000 | Commonwealth Land Title Ins |
Source: Public Records
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Previous Owner | $135,000 | No Value Available | |
| Previous Owner | $138,000 | FHA |
Source: Public Records
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 03/31/2025 03/31/25 | Sold | $1,500,000 | 0.0% | $267 / Sq Ft |
| 01/16/2025 01/16/25 | Pending | -- | -- | -- |
| 11/13/2024 11/13/24 | For Sale | $1,500,000 | -- | $267 / Sq Ft |
Source: NY State MLS
Tax History Compared to Growth
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $6,243 | $45,000 | $8,100 | $36,900 |
| 2024 | $6,243 | $44,640 | $8,100 | $36,540 |
| 2023 | $5,956 | $47,100 | $8,100 | $39,000 |
| 2022 | $5,283 | $42,540 | $8,100 | $34,440 |
| 2021 | $5,823 | $38,700 | $8,100 | $30,600 |
| 2020 | $4,389 | $32,340 | $8,100 | $24,240 |
| 2019 | $5,419 | $31,320 | $8,100 | $23,220 |
| 2018 | $4,982 | $24,439 | $6,585 | $17,854 |
| 2017 | $4,700 | $23,056 | $6,651 | $16,405 |
| 2016 | $4,609 | $23,056 | $7,518 | $15,538 |
| 2015 | $2,404 | $22,882 | $8,733 | $14,149 |
| 2014 | $2,404 | $21,587 | $8,589 | $12,998 |
Source: Public Records
Agents Affiliated with this Home
-
Michael Rastegar
-
P
Seller Co-Listing Agent in 2025
Peter Destefano
Re/Max Elite
-
Non-Member Agent
N
Buyer's Agent in 2025
Non-Member Agent
Non-Member Office
Map
Source: NY State MLS
MLS Number: 11363831
APN: 07882-0024
Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.
IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed.
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