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188 Butler Street

Gowanus   |   Bond Street & Nevins Street
Listing ID: 37881TH

  • $ 3,999,000
  • Bedrooms
  • 3 Bathrooms
  • Low-RiseBuilding Type
  • 2,400/223 Approx. SF/SM
  • Details
    • Multi-FamilyOwnership
    • $ 7,910Anual RE Taxes
    • 20'x40'Building Size
    • 25'x100'Lot Size
    • 1901Year Built
    • ActiveStatus
  • Description

  • 188 Butler Street presents a rare opportunity to acquire a fully occupied 3-unit free-market multifamily
    property with significant condo conversion and development upside. Located on a prime Gowanus block
    near Bond Street, the property offers approximately 2,400 SF of unused FAR, allowing for potential
    vertical expansion to 5 units. With modern finishes, outdoor space, and in-unit washer/dryers, the
    existing building is also positioned for strong cash flow or immediate resale as boutique condos.
    The property may be acquired subject to an assumable mortgage with a favorable 5.25% fixed interest
    rate. This is an ideal investment for developers, architects, 1031 exchange buyers, or owner-users
    seeking value-add potential in one of Brooklyn’s fastest-growing neighborhoods.

    INVESTMENT HIGHLIGHTS:

    Free-Market 3-unit multifamily asset
    Potential to acquire favorable 5.25% fixed interest rate.
    Approximately $12,000/month in-place rent roll with ability to increase rents to match
    market rates at lease expiration.
    2,400 SF of unused residential FAR (R6B/M1-4 zoning)
    Potential to add 2 additional units via vertical expansion
    Modern finishes, each unit equipped with washer/dryer
    Private outdoor space for ground floor unit
    Gowanus condo comps averaging $1,300-$1,500/SF

    188 Butler Street presents a rare opportunity to acquire a fully occupied 3-unit free-market multifamily
    property with significant condo conversion and development upside. Located on a prime Gowanus block
    near Bond Street, the property offers approximately 2,400 SF of unused FAR, allowing for potential
    vertical expansion to 5 units. With modern finishes, outdoor space, and in-unit washer/dryers, the
    existing building is also positioned for strong cash flow or immediate resale as boutique condos.
    The property may be acquired subject to an assumable mortgage with a favorable 5.25% fixed interest
    rate. This is an ideal investment for developers, architects, 1031 exchange buyers, or owner-users
    seeking value-add potential in one of Brooklyn’s fastest-growing neighborhoods.

    INVESTMENT HIGHLIGHTS:

    Free-Market 3-unit multifamily asset
    Potential to acquire favorable 5.25% fixed interest rate.
    Approximately $12,000/month in-place rent roll with ability to increase rents to match
    market rates at lease expiration.
    2,400 SF of unused residential FAR (R6B/M1-4 zoning)
    Potential to add 2 additional units via vertical expansion
    Modern finishes, each unit equipped with washer/dryer
    Private outdoor space for ground floor unit
    Gowanus condo comps averaging $1,300-$1,500/SF

    Listing Courtesy of NYC Property Expo
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This information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. ©2025 REBNY Listing Service, Inc. All rights reserved. Additional building data provided by On-Line Residential [OLR].
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.