Value-Add Building in Park Slope

Highlights:

• Prime Brownstone Brooklyn
• Seventh Ave Retail Corridor
• Upside Opportunity
• 7/8 Vacancy
• 2B Protected Tax Class

Description:

TerraCRG has been retained to exclusively represent ownership in the sale of an eight unit, value-add building in Park Slope. 377 13th Street, located between 6th and 7th Avenues, offers the rare opportunity to obtain a property with 7/8 units delivered vacant. The buyer also has the potential to convert the building to free market after a “Substantial Rehabilitation.”

After a substantial rehabilitation, the building has a projected rent roll of approximately $320,000 and, at asking price, is offered at approximately $650/above grade SF. There is also the potential to renovate the basement and add additional usable SF to the property. The property is protected tax class 2B allowing the new owner to achieve market rate rates while also being tax class protected. The current taxes are $10,955.

The building is ideally located in proximity to Prospect Park, the Park Slope Armory Athletic Center and some of the best retail in Brooklyn, including Nitehawk Cinema. The property also allows for easy access to the F and G subway lines a few blocks away at the 7th Avenue Station.