10,500 SF - Fully Occupied - Medical Building - Williamsburg

Highlights:

• 10,549 SF across four stories
• Dual frontage on Havemeyer Street and South 3rd Street
• Medical-related retail on the ground floors, medical office space on upper floors
• R6, C1-3 with a 2.2 FAR for residential use, providing conversion potential for the upper floors
• Well-maintained building with long-standing tenants

Description:

TerraCRG has been retained to exclusively represent ownership in the sale of the medical building at 168 Havemeyer Street just off the corner of Havemeyer and South 3rd Street in Williamsburg, Brooklyn.

168 Havemeyer Street is an existing 10,549 SF, four-story medical office building on a 3,045 SF lot. With frontage on Havemeyer St and South 3rd Street, the building has medical related retail space on the two sides and medical office space on the upper floors. The property is fully leased with varying lease terms. Zoned R6, C1-3, the building has a 2.2 FAR for residential use, allowing the opportunity to convert the upper floors to residential use.

The property is located in a thriving area in Williamsburg Brooklyn and is ideal for an investor of medical facilities and/or for an investor looking for immediate cashflow with future conversion potential. The existing tenants have been operating in this location for over 15 years.
The NOI is around $900,000 with 4% annual rent increases.