188 Butler Street, New York City, NY 11217

188 Butler Street presents a rare opportunity to acquire a fully occupied 3-unit free-market multifamily<br>property with significant condo conversion and development upside. Located on a prime Gowanus block<br>near Bond Street, the property offers approximately 2,400 SF of unused FAR, allowing for potential<br>vertical expansion to 5 units. With modern finishes, outdoor space, and in-unit washer/dryers, the<br>existing building is also positioned for strong cash flow or immediate resale as boutique condos.<br>The property may be acquired subject to an assumable mortgage with a favorable 5.25% fixed interest<br>rate. This is an ideal investment for developers, architects, 1031 exchange buyers, or owner-users<br>seeking value-add potential in one of Brooklyn’s fastest-growing neighborhoods.<br><br>INVESTMENT HIGHLIGHTS:<br><br>Free-Market 3-unit multifamily asset<br>Potential to acquire favorable 5.25% fixed interest rate.<br>Approximately $12,000/month in-place rent roll with ability to increase rents to match<br>market rates at lease expiration.<br>2,400 SF of unused residential FAR (R6B/M1-4 zoning)<br>Potential to add 2 additional units via vertical expansion<br>Modern finishes, each unit equipped with washer/dryer<br>Private outdoor space for ground floor unit<br>Gowanus condo comps averaging $1,300-$1,500/SF