3,600 SF Building

173 Utica Avenue

Crown Heights

$1,800,000

3,600 SF
2.43 FAR
2 Residential Units
1 Commercial Unit
Subways
a
c
3
4
5
Mixed-Use 173 Utica Avenue, Crown Heights
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Joseph Terzi
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Details

Block-Lot 1367-8
Lot Size 20 ft x 90 ft
Building Class S2
Stories 3
Tax Class 1
Lot SF 1,800
Zoning C1-3/R6

Overview

TerraCRG has been retained to exclusively represent ownership in the sale of 173 Utica Avenue, a 3,600 SF mixed-use building in the Crown Heights section of Brooklyn.

The vacant retail unit contains approximately 1,800 SF with a 900 SF lower level. The two residential units are newly renovated floor-through three-bedroom apartments with average rents of $38/SF. The projected gross income for the building is ~$124,560 with an NOI of ~$107,761 providing an investor with a 6% return on their investment at the current offering price.

The property is situated between Prospect Place and Park Place just a few blocks from both the Utica 3, 4, 5 subway lines and the Utica A, C lines, making the commute to Manhattan in 30 minutes.

Attractions

Crown Heights has seen the most rapid rent growth in Brooklyn since 2013. The growth of Crown Heights rents has continued recently, from July 2015 to August 2015 studio rents increased by over 19%. In addition, unit averages for one-bedroom and two-bedroom apartments in Crown Heights increased by 8.45% and 6.28%, respectively, with a substantial ~10% increase in overall monthly average against the previous month.

The immediate area has become the center of cultural activity in Brooklyn, sought after by investors, residents and retailers. The area has gone through strong transformation over the last decade with many rental and condo developments, strong retail and a robust brownstone sales market.

Brooklyn Children's Museum
The Brooklyn Museum
Prospect Park
The Brooklyn Public Library
Brooklyn Botanic Garden
Prospect Park Zoo

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