9,000 SF Building offered at 7% Cap | Prime Bushwick

Description:

TerraCRG has been exclusively retained to represent ownership in the sale of 523 Knickerbocker Avenue located in Bushwick Brooklyn. The oversized building is 30 ft wide and 75 ft deep totaling 9,000 SF.

The building contains 7 rent stabilized units and 1 rent controlled unit and has a gross rent roll of ~$127K/year. At asking price, the property is offered at $122/SF, $137K/unit and ~7% Cap Rate. The property is also Tax Class protected and has extremely low taxes for a property of this size.

The building is located within close proximity to both the L Train (Myrtle/Wyckoff) and the M train (Knickerbocker Ave). It is also located within just a few blocks of the prime Knickerbocker retail corridor.