This is an extraordinary opportunity for an investor to add a turnkey and cash-flowing asset to their real estate portfolio. This solid and stately building is ideally situated and benefits from its prime location on the Nostrand Avenue corridor business district. The Foster Arms Building offers an excellent opportunity to own an income-producing property with very low maintenance. The subject property is a four (4) story brick construction walk-up building situated on one (1) parcel: 59.75X100 lot size (5,975 SF). The gross building area is 18,000 sf and is comprised of twenty-four (24) rent-stabilized residential units. The building's legal description is Section 16, Block 5231, Lot 34, and Building Classification C1. The building is on the northeast side of Nostrand Avenue between Foster and Farragut Avenue. The building is 100% occupied and leased to twenty-four (24) residential tenants. Each tenant is responsible for their utilities, which include electric and cooking gas charges. The building is well-maintained and has undergone recent interior renovations.:
Property Details
Property Features
Property Information:
Year Built: 1931
Stories: 4
Living Area: 18,000 SqFt
Listing Office:
Office Name: Vanguard R E Brokerage Group
Interior Features
Interior Information:
Appliances: Stove
Basement: Yes
Flooring Type: Hardwood
Fireplace: Stove
Bedroom and Bathroom Information:
Full Bathrooms: 24
Exterior Features
Parking Information:
Attached Garage: No
Parking: None, None
Utilities
Utilities Information:
Heating: Steam, Oil
Price Information
Listing Price Info
Price Summary:
List Price: $3,200,000
Price Per SqFt: $178/SqFt
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Housing Market Comparison
See how this home compares to others in Brooklyn, NY.
This property is $2.2M more than the Median Sold Price and $524/SqFt less than other homes in Brooklyn, NY.
Based on homes sold in the last 12 months
MLS Details
MLS Information:
MLS Number: #480739
Listing Office:
Office Name: Vanguard R E Brokerage Group
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Property Sales & Tax
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Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
We're sorry, we currently don't have assigned school data for this listing.
Nearby Schools
3
/10
P.S. 361 East Flatbush Early Childhood School
1957 Nostrand Ave
Distance between this listing and this school0.02 miles
Public District Grades KG-2
5
/10
P.S. K315 Brooklyn
2310 Glenwood Rd
Distance between this listing and this school0.49 miles
Public District Grades KG-5
4
/10
School of Science and Technology
725 E 23rd St
Distance between this listing and this school0.49 miles
Public District Grades KG-5
Nearby Schools
8
/10
Central Brooklyn Ascend Charter School
465 E 29th St
Distance between this listing and this school0.08 miles
Public Charter Grades KG-7
5
/10
P.S. 181 Brooklyn
1023 New York Ave
Distance between this listing and this school0.71 miles
Public District Grades PK-8
3
/10
M.S. 246 Walt Whitman
72 Veronica Pl
Distance between this listing and this school0.76 miles
Public District Grades 6-8
Nearby Schools
6
/10
Midwood High School
2839 Bedford Ave
Distance between this listing and this school0.42 miles
Public District Grades 9-12
3
/10
Academy for College Preparatory and Career Exp
911 Flatbush Ave
Distance between this listing and this school0.95 miles
Public District Grades 6-12
5
/10
Academy of Hospitality and Tourism
911 Flatbush Ave
Distance between this listing and this school0.95 miles
The neighbors living near this home have an average income of $40,227. Residents of Brooklyn, NY typically earn less than $35k each year. Residents typically live in single, no kids family. Residents of this area typically have high school diploma education.
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This home is located at 1950 Nostrand Ave in Brooklyn, NY and zip code 11210 in the Flatbush neighborhood. This 18,000 square foot home was built in 1931. Features: 24 bathrooms. It has been listed on Rocket Homes since March 21, 2024 and is currently priced at $3,200,000.
In November 2024 more than 28 listings in Brooklyn, NY were sold above the asking price. During the same period more than 196 listings were sold at asking price, while more than 161 were sold below. In November 2024 in Brooklyn, NY there were 10.5% less homes for sale than in October 2024. In November 2024, listings were on the market for 111 days. During the same period, the median list price in this real estate market was $979,913.
From Rocket Homes Real Estate and based on county public records data.
Information being provided by Brooklyn Multiple Listing Service is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumer may be interested in purchasing. 
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