Vacant 20 Unit Multifamily Building
459 Bay Ridge Avenue
Bay Ridge
Closed 02/20/2014 at
$4,300,000
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Overview
The vacant twenty unit building at 459 Bay Ridge Avenue is now offered for sale. The building is located on Bay Ridge Avenue between 4th Avenue and 5th Avenue in the Bay Ridge neighborhood of Brooklyn. The building is completely vacant. The projected gross annual income is ~$504,000 and projected NOI is ~385,000, With estimated renovation costs of $750,000, the property is expected to yield at least a 6.7% return upon stabilization.
Bay Ridge was recently ranked as the 12th best neighborhood to live in all of New York City by New York Magazine based on affordability of rents, quality housing stock and close proximity to harborside jogging paths and parks. The property is one block from the R train at 69th Street and just one stop from the express N train at the 59th Street station, making the commute to Manhattan about 40 minutes.
Attractions
The property is located in the heart of the Bay Ridge Commercial district, between the bustling 4th Avenue and 5th Avenue retail corridors, amongst the busiest in Brooklyn. There are several well-known national tenants on these corridors as well as an established presence of boutique stores, restaurants and coffee shops. The property is also just two blocks from Leaf Ericson Park, affording tenants access to ample open space and community playgrounds.