37 Unit Multifamily Building With Yard and Terrace
1288 East 19th Street
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TerraCRG has been retained to exclusively represent ownership in the sale of a multifamily building located at 1288 East 19th Street in Midwood between Avenue L and Avenue M.
1288 East 19th Street consists of 37 units with a unit mix of 14 one-bedrooms paying an average of $2,064 and 23 two-bedrooms paying an average of $2,752, for a total of eight stories and ~40,078 Gross SF. The gross annual income is $1,106,580 with an NOI of $884,906. This opportunity presents tremendous upside potential considering tenants are paying an average of $31/SF in a $45/SF market.
The unit layouts are generous in scale and have over-sized windows letting natural light into the space. Immense closet space ensures for optimal storage, and washer and dryer hook-ups in the apartments allow for maximum convenience for residents. All of the units have an open kitchen with brand-new stainless-steel appliances, solid surface counters and a modern, glass back-splash. The master bedroom in the the two-bedroom apartments have a private en-suite bathroom and large closets. Additional luxury-like amenities include an outdoor patio and state-of-the-art fitness room available to the tenants at no additional fee.
The newly constructed building is located on a quiet side street and just a short distance to Avenue M retail corridor comprised of many shops, restaurants, specialty food options, and banks. The nearby Avenue J retail corridor also runs through the neighborhood and features prominent retailers including TD Bank, 16 Candles Frozen Yogurt, as well as NYC staple Di Fara’s Pizza, and Touro College.
The nearby Flatbush and Nostrand Avenue retail corridors are anchored by the Brooklyn Triangle Junction including strong national tenants such as Target, Nike, Applebee’s, Men’s Warehouse, Payless Shoe Source, The Children’s Place, David’s Bridal, Modell’s Sporting Goods and Starbucks.
Midwood is one of the most established residential neighborhoods in Brooklyn and the greater Flatbush region is becoming a sought-after area within Central Brooklyn. Served by two major subway lines, multiple bus lines and bustling avenues, commercial property in greater Flatbush is being coveted for the current population density and future growth opportunities.
The property is only a few blocks from the Q train at the Avenue M station, and about a 20-minute walk to the 2 and 5 trains at the Flatbush Avenue station.