Two Building Portfolio – 47 Units
110 Wyona Street
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TerraCRG has been retained to exclusively represent ownership in the sale of the buildings located at 110 Wyona Street and 50 Vermont Street in the Cypress Hills neighborhood of Brooklyn. The building at 110 Wyona Street is located directly on Wyona Street between Fulton Street and Atlantic Avenue. The building at 50 Vermont Street is located on the corner of Vermont Street and Jamaica Avenue. The properties are located within 1½ blocks of each other, making management easy and more cost effective.
The combined portfolio consists of ~35,355 SF, 47 units and 2 cell towers. Both properties are very well maintained. At Vermont Street the entire electrical system was redone in 2009, all the windows were recently replaced and an energy efficient heating control system was installed. The restaurant space was also gut renovated and is home to Bonao Grill, which offers a trendy/upscale eatery to the neighborhood. At Wyona Street the entire front of the building was repointed this year, all sections of the boiler were replaced and an energy efficient heating control system was installed.
The properties are already producing an existing 5.3% cap rate and they allow for significant upside in the immediate future. The properties are generating approx. $845,000/year in gross rents, but the legal rents are approx. $903,000/year in gross rents. Because of the large size of the units and the window coverage, it is possible to add an additional bedroom to the majority of the units, which would allow the new owner to achieve a premium on the existing rents and move the current collected rents closer to the full legal allowable rents.
The properties are ideally located a few blocks from Broadway Junction, which provide easy access to the A/C/L/J/Z trains. The property is also in close proximity to Highland Park and the newly expanded Gateway Center (which has a bevy of restaurant and retail options including Panera Bread, Smashburger, BJ’s Wholesale Club, Home Depot, Bed Bath & Beyond and more). The property is also easily accessible by the Jackie Robinson Parkway.