6 Unit Mixed-use Building
294 Knickerbocker Avenue
Want Matthew to contact you?
I would like to be contacted:
TerraCRG has been retained to exclusively represent ownership in the sale of 294 Knickerbocker Avenue – a free market mixed-use building in the Bushwick neighborhood of Brooklyn. This property offers the rare opportunity to own a free market building with retail frontage along one of Brooklyn’s most prominent retail corridors, while also facing Maria Hernandez Park.
Located on Knickerbocker Avenue between Suydam Street and Hart Street, the 5,250 SF building sits on a 25 ft x 100 ft lot. The three-story brick building consists of five total units – four free-market residential units, and one ground-level retail unit. The residential units are all railroad style apartments that are not renovated, each currently achieving rents of ~$1,700/month. The retail store has a lease that expires in March 2019 and is paying ~$4,600/month. A renovation would allow for generous upside in all of the rents. There is the potential to achieve ~$3,000/month for the residential units and ~$8,750/month for the retail unit, totaling a potential gross annual income of ~$249,000/year.
The property is ideally located in one of the most desirable locations in Bushwick. National retailers and local shops line Knickerbocker Avenue including Foot Locker, Dollar Tree, Circo’s Pastry, NYC Pet, Rite Aid, Knickerbocker Bagel, Bank of America, Game Stop, Party Fair, City Fresh Market and more. The area is also known for its artist and maker community, with galleries and manufacturing facilities in proximity. Via the M train at the Knickerbocker Avenue station, and the L train at DeKalb Avenue, the commute into Manhattan is under 30 minutes.