Free Market, Tax Class Protected Buildings for Sale - FORT GREENE

Highlights:

• FREE MARKET
• TAX CLASS PROTECTED
• PREMIER FORT GREENE LOCATION
• AROUND THE CORNER FROM FORT GREENE PARK
• SIGNIFICANT UPSIDE POTENTIAL
• FULLY GUT RENOVATED

Description:

TerraCRG has been retained to exclusively represent ownership in the sale of the 322-324 Myrtle Avenue Avenue in the heart of Fort Greene.

The property consists of 2 buildings with a total of 4 FREE MARKET residential units and 2 retail stores. The 7,254 SF property has extremely low expenses as the property is Tax Class Protected and the tenants pay their own heat.

The residential units are full floor through units that are set up as large 2 bedrooms each with 2 bathrooms. The units have been fully gut renovated, and each unit has its own Washer/dryer. All the residential units also have private outdoor space.

The property has an existing gross rent roll of $359K/year, however without doing any renovation the new owner should be able to increase the rent roll to ~415K/year as the retail lease on 324 Myrtle is now month to month and all the residential units are leased below market.

The property is ideally located directly around the block from Fort Greene Park – one of the greatest public spaces Brooklyn has to offer. It is also located in the heart of some of best bars, restaurants and cafes, including: LaRina, Pastificio & Vino, Walter’s, Dick & Jane’s, Colonia Verde etc.