16 Units, 6 Parking Spaces, Laundry Room
385 Vernon Avenue
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TerraCRG has been retained exclusively to sell 385 Vernon Avenue located on the border of Bushwick and Bed-Stuy, between Stuyvesant Avenue and Lewis Avenue.
The four-story, fully free market, building is ~ 14,560 SF and consists of 16 large residential units that are newly renovated. The unit mix includes 13 three-bedroom apartments and three two-bedroom apartments. The property also has six lined parking spaces and a new laundry room with five washers and six dryers.
The property underwent a major capital improvement project in 2015-2017, including a new roof, virtual doorman system, boiler/hot water heater upgrades and bike rack installation. The annual income is ~$555,000 with an NOI of $400,109, which equates to ~5.35% Cap and $515/SF.
Just one block from Myrtle Avenue, one of Brooklyn’s main thoroughfares, the property is in close proximity to a plethora of retail and dining options. Some neighboring retail includes La Lupe Cantina, Norbert’s Pizza, Bizarre, Skytown Bar and the Market Hotel event space.
The property is located around the block from the J/M/Z trains at Myrtle Avenue – this is an express station that provides a 10-12 minute commute to lower Manhattan.