Vacant Units For Sale

Highlights:

• Large Footprint: The existing building is 26’ x 75’ with central air shafts, allowing for six 3BR / 2BTH railroad apartments.
• Vacancy: Two of the six units will be delivered vacant (2R & 3R), with two additional units in arrears with evictions in-process (1L & 1R).
• Owner/User Potential: Buyer could occupy one or more of the vacant units for their own use and lease out the rest for cashflow.
• High Legal Rents: Legal rents average $32 / SF or ~$1,950 / month per unit – though still below market in this area, the registered legal rents can easily support a 6-6.5% cap at asking price.
• Available Air Rights: The property has 2,430 SF of unused air rights, presenting opportunity for future expansion or a sale of air rights sale/transfer.
• Desirable Location: This pocket of Crown Heights is home to some of Brooklyn’s best restaurants and retail, with Chavelas, Franklin Park, Mayfield, and countless others located along Franklin, Bedford & Nostrand Avenues.
• Proximity to Transportation: The 2, 3, 4, 5, & S trains are within a few blocks away, offering access to Downtown Brooklyn and Midtown Manhattan within 20-30 minutes.

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