Four-Story Mixed-Use Pre-War Building For Sale, Prime Corner Brooklyn Neighborhood NYC
4,000 sf above grade, 1,147sf lot, FAR 5 * Can add an additional floor to the four-story building
Current asset mix: three two-bedroom free market rentals (1k sf full floor per apartment), one 1ksf ground floor commercial space, and 1k sf below grade – full floor basement.
This is a cash flowing four-story mixed-use pre-war building available for sale ($4.295MM) in a prime corner Brooklyn neighborhood. The building has three two-bedroom free market rentals and one commercial space on the ground floor. An existing long term commercial tenant anchors the corner building. The property is ideal for both home owners as well as investors.
This building is situated in one of the most coveted neighborhoods (Carroll Gardens) in Brooklyn. The residential rentals have beautiful balconies and terraces that overlook this historic neighborhood. It’s surrounded by famous eateries, hip bars and cafes, classic brownstones, and peaceful parks. The property is conveniently located a few blocks away from multiple transit stations for easy access to Manhattan. It has a transit score of 100 rider’s paradise.
Home owners and investors alike will mutually benefit from the property’s convenient access to higher academic institutions for residents and housing demand from students and families. The building location is within walking distance to Pier6 Brooklyn Bridge Park and other recreations. It has a walk score of 98 walker’s paradise. The building is also near multiple cultural and entertainment institutions including Barclays Center, Transit Museum etc.
Residential Rental Comps: Avg. two-bed room apartments in this Brooklyn neighborhood is $3,053 (Rents increased .9% over the past year).
two-bedroom rentals with balconies and terraces can potentially command free market rents of $4,250, – $7,650
Property taxes is $31K/yr.
Using recent sales of comparable properties in the area we derive the following fair market value for the building:
$1,140psf to $1,150psf = $4.56MM to $4.6MM Market Value
$3K rent for each apartment (3) = $108K + Commercial Space $76.2K =
Total Annual Revenue = $184.2K, Operating Expenses = 37.4K, Net Annual Income = $146.8K
*The current 4,000sf building is underutilized by 1,735sf. A buyer can add an additional floor to the existing building to 5,000sf five-story building.
The seller is willing to provide this incredible building at 2018 price level ($4.295MM) in return for a quick execution.
Oxstones Real Estate, www.Oxstones.com CRE@Oxstones.com
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