31-Unit New Construction Mixed-Use Building

862 Dekalb Avenue, Brooklyn, NY

$15,800,000

Price

5.65%

Cap Rate

$892,200

NOI

Overview
Cap Rate
5.65%
NOI
$892,200
Building Size
24,885 sqft
Lot Area
7,500 sqft
Units
31
Price Per Sqft
$635
Price Per Unit
$509,677
Zoning
R6A, C2-4
Floors
6
Description

Ariel Property Advisors has been retained to sell the 31- unit, elevator, mixed-use property located at 862 Dekalb Avenue between Throop Avenue and Marcus Garvey Boulevard in the Bedford-Stuyvesant neighborhood of Brooklyn. The property is comprised of 28 apartments and 3 commercial units. The building is currently in the process of acquiring a J-51 tax abatement and is on track for approval by October 2020. Upon expiration of the J-51, 14 years later, the property will revert back to free market status upon unit turnover.

This 6-story elevator building measures 67’2” x 80’7”, encompasses approximately 24,885 square feet, and sits on a 75’ x 100’ lot. Special attention has been given to light and air, so the units provide a wonderfully comfortable experience for its tenants. A majority of the units boast large, private outdoor space and all units contain dishwashers and washer/dryers. Additionally, many of the units are flexible to allow for future additional bedrooms. The unit mix consists of four studios, fifteen one-bedroom, seven 2-bedroom, and two 3-bedroom apartments, of which, five are duplex apartments. There are also 3 commercial units consisting of 2 stores in the front of the building and an office with a private entrance in the back of the building.

The entire building has split system heating/cooling units that run on electricity, which is individually metered. There is a room in the basement which houses the electric meters and mechanicals. There is also a sprinkler room and additional amenities include two lounge areas, a gym, and a bike room. In addition, there is a communal rooftop and side terrace for all residential tenants to enjoy.

For more information about this opportunity, please contact our office.


Location
Gallery