3,600 SF Building
173 Utica Avenue
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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.
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.