$1,750,000

38 GROVE Street, New York City, NY 11221

5 beds |
3 baths |
2,640 sqft

Multi-Family Home
Built in 1920
2,178sqft lot
—— car garage
$663/sqft
Listed 3 months ago

Property Description

Welcome to 38 Grove Street, a FULLY LEASED, income-producing two-family townhouse located on a quiet residential block in the heart of Bushwick. Spanning two stories plus a full basement and a finished attic, this well-maintained building sits on a 25' x 83.92' lot and offers immediate, stable cash flow with long-term upside. The property currently generates $102,000 in annual gross income with both units on strong leases extending into 2026. With modest annual operating expenses of approximately $9,606, the building delivers an impressive net operating income of $92,394 and an attractive 5.27% cap rate. This is a clean, straightforward investment with predictable performance and minimal management intensity. The building is configured as two spacious duplex residences, each offering multiple bedrooms, generous living and dining areas, and great natural light. The apartments each have central heating and cooling, modern kitchens with full size stainless steel appliances, and in-unit laundry. The additional attic and basement provide valuable flexible space for tenants, further enhancing long-term functionality and flexibility. Perfectly positioned within one of Brooklyn's most active rental markets, 38 Grove Street offers investors a rare combination of strong in-place income, favorable operating metrics, and long-term neighborhood upside.

Listing Status:: Active
Date Added:: December 8, 2025
Data Last Updated:: March 26, 2026 at 7:20AM
Listing Office:: Corcoran Group : (212) 355-3550
Listing Agent:: Nicholas Andrew Hovsepian : (310) 748-8668
MLS ID:: RLS20062812

General: Smoke Free
Appliances: Washer Dryer Allowed
Laundry: Building OtherWasher HookupIn Unit
Basement: Other
A/C: Central Air

General: Private Outdoor Space Over 60 Sqft

General: 2

Originating MLS: RLS_REBNY
County: Kings

Zoning: 03321-0017
View: Other

Source: RLS_REBNY

This listing courtesy of Nicholas Andrew Hovsepian , Corcoran Group

Monthly Payment

$Est. Payment

Principal & Interest $
Property Taxes $
Home Insurance $
VA Funding Fee $

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