38 GROVE Street, New York City, NY 11221
Listing Courtesy of Corcoran Group
$1,750,000
Potential Rebate: $26,250
Overview
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.<br> 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.<br> 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.<br> 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.
Home Features
- •Central Air
- •Washer Hookup
- •In Unit
- •Private Outdoor Space Over 60 Sqft
- •Smoke Free
- •Washer Dryer Allowed
Estimated Monthly Payment
$8,881 per month
30 year fixed, 6.28% Interest
Estimated Rebate for this Home
One-time rebate at closing
$26,250
Monthly savings impact
$73/mo
💡 Estimated at 1.5% of purchase price
The rebate is paid to you at closing and can help offset closing costs or other expenses.
Calculator Disclaimer: This calculator provides estimates for informational purposes only. Actual monthly payments, interest rates, taxes, and rebate amounts may vary. The rebate calculation is an estimate and subject to final terms. This information is not provided by the Real Estate Board of New York (REBNY).
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Listings
RLS IDX Data display by Real Estate Rebate Team. 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 The Real Estate Board of New York, Inc., All rights reserved. IDX information is provided exclusively for consumers’ personal, non-commercial use and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
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 and for no listing shall the number of bedrooms listed be considered a legal conclusion.
The Real Estate Rebate Team
Listing Courtesy of Corcoran Group
Data Source: TRESTLE #RLS20062812
Price Analysis
Compare average listing prices and value metrics for 38 GROVE Street against the surrounding Bushwick market.
Average List Price
Price Per SqFt
31.64% Lower
than the Bushwick price-per-sq-ft average
Units in this building are listed below the neighborhood average, potentially offering better value per square foot compared to surrounding properties.
Bushwick
Overview of Bushwick
Bushwick is New York's capital of street art and industrial cool. A former manufacturing hub, it has transformed into a globally recognized center for creativity, nightlife, and youth culture. For buyers seeking Bushwick Brooklyn real estate, it offers converted lofts, colorful streetscapes, and an energy that is unmatched anywhere else in the borough.
Living in Bushwick is vibrant. The streets are a living canvas, home to the Bushwick Collective outdoor gallery. As a premier Brooklyn NYC neighborhood with no strict zoning height limits in many parts, it is a landscape of constant reinvention.
Real Estate & Housing Market
The market for homes for sale in Bushwick is diverse. It ranges from vinyl-sided multi-family homes to massive industrial loft conversions and sleek new condo developments.
Investors and first-time buyers flock here for the potential. While prices have risen, it still offers more square footage than Williamsburg.
Lifestyle & Community
The lifestyle in Bushwick is nocturnal and artistic. Residents dine at Roberta's (famous for pizza), drink at House of Yes (famous for performance art parties), and shop at vintage stores.
The community is a dynamic mix of the long-standing Latino community and a massive influx of artists, musicians, and young professionals.
Transportation & Accessibility
Bushwick is served by the L, M, and J/Z trains. The L train at Morgan or Jefferson provides a direct 15-minute shot to Union Square.
The M train offers an elevated view of the city and connects easily to Midtown.
Parks, Schools & Amenities
Maria Hernandez Park is the neighborhood's living room, filled with soccer games, dog walkers, and skaters.
Amenities are unconventional: instead of big-box stores, you have art supply shops, techno clubs, and organic bodegas.
Who This Neighborhood Is Best For
Bushwick is best for artists, nightlife lovers, and investors looking for a high-growth neighborhood with a distinct edge.
