Prime Knickerbocker Mixed-Use Building
786 Knickerbocker Avenue
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TerraCRG has been retained to exclusively represent ownership in the sale of a prime mixed-use building in the Bushwick neighborhood of Brooklyn.
The renovated property consists of one duplex commercial space and one residential apartment. The commercial space is approximately 2,480 SF, and the current commercial tenant is a New York City Council Member. The residential apartment is approximately 1,240 SF and has 4 bedrooms, a sunroom, large deck, backyard access, washer/dryer and skylights.
The gross income of the property is approximately $83,000/year and the expenses in the building are low (the commercial tenant is responsible for their own water usage). The property is being offered at an in-place Cap Rate of approximately 5.5%. There is also 2,140 SF of additional buildable air rights.
The property is ideally located approximately 2 blocks from the L train at the Halsey Street Station. This section of Bushwick continues to see high investor interest as the retail and residential housing options rapidly improve. Retail rents, in particular, are poised for strong growth and allow for strong potential upside in the area. New retailers close to the property include Industry 1332, Father Knows Best Cafe/Bar, Routine Cafe and Bonus Room Bar.
The property is also located within very close proximity to some very exciting new residential developments, including the Alhambra Luxury Lofts (located directly across the street) and Knickerbocker Commons, which was done with a cutting edge Passive House design. Irving Square Park is located around the block from the property, the park recently underwent a $3M renovation and is an outstanding amenity for all the nearby residents.