8 Unit Multifamily Building

Highlights:

• 8 Total Units, 7 FM Units + 1 RS Unit
• 5,000 SF
•  In-Place 6% Cap with potential rental upside
• Easy Access to G Train, Buses, & Ferry

Description:

TerraCRG has been retained to exclusively represent ownership in the sale of 151 Dupont Street, an 8 unit multifamily building with 7 free market units and 1 rent stabilized unit in the Greenpoint neighborhood of Brooklyn.

The approximately 5,000 SF building has an annual gross rent roll of ~$320K and a net operating income of ~$245K after expenses. The property is offered at an in-place ~6% Cap Rate. There is also upside on the existing rents and at market rents for the free market units, the property should gross closer to $364K (which would provide for over a 7% Cap Rate).

Located in the northern part of Greenpoint, the property is a five-minute walk from globally recognized restaurants and bakeries, such as Ilis, Glasserie, and Radio Bakery. Additionally, 3 blocks away from the property is the new Greenpoint Landing development project, where major investors, such as Brookfield Properties, The Rockefeller Group, and The Domain Companies, plan to develop 5,550 residential units along with retail amenities, waterfront promenade and five acres of open space.

The property sits on the Dupont Street corridor between Manhattan Avenue and McGuinnes Blvd and is a short walk to the G train at Greenpoint Avenue, providing excellent connectivity to Manhattan and the rest of Brooklyn.