Six-Unit Building in Cypress Hills
53 Arlington Avenue
Closed 08/18/2016 at
$1,250,000 | $220 per SF
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TerraCRG has been retained to exclusively represent ownership in the sale of the multifamily building at 53 Arlington Avenue in the Cypress Hills neighborhood of Brooklyn. The property is one block from the J and Z trains at the Van Siclen Avenue station and in close proximity to the A, C and L trains at the Broadway Junction station.
The oversized brick building contains six units that are currently set up as railroad style apartments. However, at 27.5 ft x 75 ft, the building’s huge dimensions allow for the possibility of converting the units to three-bedroom apartments. The building is in good condition. Four of the six units have brand new kitchens (with stainless steel appliances) and new bathrooms. All the units have their own hot water tanks, which assist in keeping the expenses down.
At the asking price, the property is being offered at $238/SF and ~6.1% Cap rate. The building also has tremendous upside particularly with the possibility of re-configuring the units to three-bedrooms and achieving rents in the $2,400/month range (approximately 70% higher than the current rents).
Cypress Hills is considered by many experts to be the next area of Brooklyn to emerge as a destination for new rents and buyers seeking convenient access to subways and excellent housing stock. This particular block is centrally located in very close proximity to numerous subway stations, across the street from an Associate Supermarket and close to the approved rezoning plan which will bring needed development to the area.