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$1,600,000

For Sale - Active
321 Cornelia St, Brooklyn, NY 11237
6 Beds
3 Baths
3,089 Square Feet
0.00 Acres Lot
Built in 1901
For Sale - Active
2 Units
Checked: 1 day ago
Updated: Jul 12, 2025 at 01:29AM

Investment Summary


Monthly Cash Flow
-$6,761
Cap Rate
1.0%
Cash-on-Cash Return
-22.0%
Debt Coverage Ratio
0.16
Internal Rate of Return (5 years)
-17.3%

Property Description


0.00 Acres Lot
Built in 1901
For Sale - Active
2 Units

Multi family Located in the heart of Bushwick, Brooklyn’s thriving arts scene, this spacious and versatile 2-family townhouse offers the perfect blend of urban charm and investment potential. With 5 bedrooms, 3 full bathrooms, and a fully finished basement, this Bushwick beauty is ideal for owner-occupants, creatives, or savvy investors looking to generate strong rental income Inside, you’ll find sun-filled living spaces with high ceilings, hardwood floors, and flexible layouts that can easily accommodate tenants, studio workspaces, or multigenerational living. The finished basement adds a bonus level of livable square footage—great for a home office, media room, or guest suite. Step outside to your private backyard with a built-in patio—an oasis for entertaining, gardening, or just kicking back with friends. All this in a prime Bushwick location, surrounded by cafes, galleries, nightlife, and just a few blocks from multiple subway (L Line) for a quick commute to Manhattan. Whether you’re an investor, or someone looking for a smart buy in a fast-growing neighborhood, this one checks all the boxes.

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Location


Property Details


Parking

  • Garage Spaces: 0
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 6

Bathroom Information

  • # of Baths (Full): 3
  • # of Baths (Total): 3.0

Interior Features

  • # of Rooms: 12
  • # of Stories: 2
  • Basement Description: Finished

Land Information

  • Land Use: Residential
  • Land Use Subtype: Duplex

Lot Information

  • Parcel ID: 033780055
  • Lot Size: 0 sqft

Property Information

  • Property Type: Townhouse
  • Style: Post Modern
  • Year Built: 1901

Tax Information

  • Annual Tax: $5,577

Utilities

  • Water & Sewer: Other
  • Heating: Electric, Other
  • Cooling: Central Air

Location

  • County: Kings

Listing Details


Listed by:
Roodelyne Sylvain
United RE Hudson Valley Edge
(914) 218-0518

Source:
OneKey MLS
MLS#: 855528
OneKey MLS

Investment Summary


Monthly Cash Flow
-$6,761
Cap Rate
1.0%
Cash-on-Cash Return
-22.0%
Debt Coverage Ratio
0.16
Internal Rate of Return (5 years)
-17.3%

Purchase Details

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Purchase price:
$1,600,000
Amount financed:
-$1,280,000
Down payment:
$320,000
Closing costs:
$48,000
Rehab costs:
$0
Initial cash invested:
$368,000
Square feet:
3,089
Cost per square foot:
$518
Monthly rent per square foot:
$0.84

Financing Details

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Loan amount:
$1,280,000
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.500%
Principal & interest:
$8,090
Property tax:
$465
Insurance:
$182
Private mortgage insurance (PMI):
$0
Monthly payment:
$8,737

Operating Income

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% Rent Monthly Yearly
Gross rent:
$2,600 $31,200
Vacancy loss: (6%)
6% -$156 -$1,872
Operating income:
$2,444 $29,328

Operating Expenses


% Rent Monthly Yearly
Property taxes: (18%)
18%-$465-$5,577
Insurance: (7%)
7%-$182-$2,184
Property management: (8%)
8%-$208-$2,496
Repairs & maintenance: (5%)
5%-$130-$1,560
Capital expenditures: (5%)
5%-$130-$1,560
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (43%)
43%-$1,115-$13,377

Cash Flow


Monthly Yearly
Net operating income:
$1,329 $15,948
Mortgage payments:
-$8,090 -$97,080
Cash flow:
$6,761 $81,132