6 Unit Building on the Park with 3 Vacancies
806 Macon Street
Bedford-Stuyvesant
Closed 03/06/2016 at
$1,300,000
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718-395-1877
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Overview
TerraCRG has been retained to exclusively represent ownership in the sale of the multifamily building at 806 Macon Street in the Bedford Stuyvesant neighborhood of Brooklyn. The building is located between Howard Avenue and Saratoga Avenue, only three blocks from the Halsey Street J train station and in close proximity to the Ralph Avenue C station. The building is located directly on Saratoga Square Park.
The three story, 4,275 SF brick building consists of 6 units that are all real 2 bedrooms with the kitchen and bathrooms in the middle of the unit. Units 1R, 2R and 3R (the entire right side of the building) will be delivered vacant. Projected rent on the vacant units is $2,200/month each. Gross projected rent on the property is approximately $110k/year. Also there is tremendous upside on the rent roll as the occupied units are rented well below market at between $800-900/month. The building is well maintained and has expenses as there are separate gas boilers for each unit.
The property is ideally located directly on Saratoga Square Park, with each unit having park views. Saratoga Square Park is the second largest park in Bedford Stuyvesant and recently underwent a $200,000 renovation, which included new landscaping, play equipment, exterior fencing and surfacing. Many new restaurant, bars and cafes’ are opening in the immediate vicinity, including Sweet Lee’s (a new “made from scratch” bakery) just a block away, Bakery Chez Alex (moving from Williamsburg), highly acclaimed Saraghina Restaurant, the newly opened and extraordinarily designed Casablanca Bar and many more. Along with a boom in retail offerings , this area has seen a huge increase in residential rents and the beginning of condo development
Attractions
Bedford-Stuyvesant is a neighborhood in the north central portion of Brooklyn with approximately 134,00 residents. Beginning in the 2000s, the neighborhood began to experience gentrification. The two significant reasons for this were the affordable housing stock consisting of brownstone rowhouses located on quiet tree-lined streets and the marked decrease of crime in the neighborhood. The average real estate prices have more than doubled in this neighborhood since 2000 when the average home price was around $124,000.