7.6% Cap Rate for Vacant Free-Market Mixed-Use Building | Bushwick

Description:

TerraCRG has been retained to exclusively represent ownership in the sale of 607 Knickerbocker Avenue – a mixed-use building in the Bushwick neighborhood of Brooklyn. The ~2,320 SF property consists of two free-market apartments and one retail store. One of the residential apartments is ~1,100 SF (full floor) and the second residential apartment has private backyard access.
The property is 100% Free Market and VACANT and needs renovation.
After renovation, the property will have a gross rent roll of ~$120,000/year and has very low expenses. The annual taxes are $5,381/year and the property is tax class protected. The property is being offered at $431/SF and ~8% Cap Rate.
The property is ideally located in close proximity to both the L & M trains (Myrtle-Wyckoff Station). The property also benefits from being in the heart of Bushwick located near many of the best restaurants, bars, cafes and nightlife that Brooklyn has to offer.