188 Butler Street
MLS® #RLS20039715
Listing by NYC Property Expo, Inc.
Studio
3
Baths
2,400
Sq. Ft.
1901
Year Built
Quick Summary
Property Highlights
- Views: City
- Outdoor Space: Patio
- Style: Prewar,WalkUp architecture
Property Details
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
Features & Amenities
Interior Features
Exterior Features
Building Information
Financial Details
About Gowanus
View All Gowanus ListingsGowanus offers a unique residential experience with a blend of urban convenience and local charm. The real estate market provides a variety of options for buyers seeking space, value, and a strong sense of community in one of New York City's evolving neighborhoods.
Gowanus Live Market Data
View NeighborhoodActive Listings
8
Median Asking Price
$1.40M
Median $/Sqft
$896
Avg Days on Market
N/A
New This Week
0
Price Reduced
50%
Sold (30 Days)
2
Median Sale Price
$1.08M
Live data from RLS at REBNY • Updated 2/16/26, 6:06 AM EST
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Location
188 Butler Street, Gowanus, Kings County • Near Bond Street/Nevins Street
Listing Data
RLS® at REBNY (Real Estate Board of New York) via Trestle API. Updated in real-time.
Market Data
RLS® at REBNY (Real Estate Board of New York). Live data updated in real-time.
Map & Location
OpenStreetMap contributors via Leaflet. Geocoding via Nominatim.
All data is provided for informational purposes only and should be independently verified. See our Data Sources Policy for more information.
Listing Courtesy of NYC Property Expo, Inc. - Lindsey Bernstein
Listing Contact: (516) 849-0848
Listing information for certain New York City properties provided courtesy of the Real Estate Board of New York's Residential Listing Service (the "RLS"). The information contained in this listing has not been verified by the RLS and should be verified by the consumer. The listing information provided here is for the consumer's personal, non-commercial use. Retransmission, redistribution or copying of this listing information is strictly prohibited except in connection with a consumer's consideration of the purchase and/or sale of an individual property. This listing information is not verified for authenticity or accuracy and is not guaranteed and may not reflect all real estate activity in the market. ©2026 The Real Estate Board of New York, Inc., all rights reserved. This advertisement does not suggest that the broker has a listing in this property or properties or that any property is currently available.
Broker Commission Disclosure: Broker commissions are not set by law and are fully negotiable.
RLS Data display by Keller Williams NYC. Data last updated on 2/16/2026 at 11:06 AM UTC