New Construction 7 Unit Multifamily Building | Bedford Stuyvesant

Highlights:

• ~7% Cap Rate
• 5,200 SF
• 7 Residential Units
• 25 FT Wide Building

Description:

TerraCRG has been retained to exclusively represent ownership in the sale of the new construction multifamily building located at 670 Halsey Street, in Bedford-Stuyvesant. The property is located just off Malcolm X Boulevard and its outstanding collection of restaurants, bars and café’s.

The 5,200 SF building consists of 7 condo quality apartments. 6 of the units are 2 bedrooms and 1 unit is a huge 3 bed/2.5 bath duplex. All the units have central air, top of the line appliances and there is a common rooftop and laundry in the building. The property has low expenses due to a 421-A tax abatement which expires in 2034.

The 5,200 SF property has a current gross annual income of ~$293,000 and at asking price is being offered at ~7% Cap and $716/SF.

The building is ideally located within very close proximity to the A/C subway at Utica Avenue.