Red Hook Four Building Free Market Multifamily Portfolio

TerraCRG is exclusively representing ownership in the sale of the Red Hook Portfolio in one of Red Hook’s most desired niches, along Van Brunt Street. The portfolio comprises four buildings with 17 FREE MARKET residential units and two retail stores. The 14,919 SF portfolio has extremely low expenses as all the properties are Tax Class Protected, and tenants pay for their own utilities. All units have been gut-renovated to the highest quality finishes, with some apartments initially built for condo sales. To be specific, all units contain washer/dryer units, split system heating and cooling units, oak hardwood flooring, premium paint finishes, and LED light fixtures. The next owner of the portfolio will have access to an existing gross rent roll of ~$950K/year, without the need to do any renovation work. Since the units were placed into service in just the last twenty-four months, there is little deferred maintenance to update the properties. At the asking price, the portfolio has a Cap Rate of ~6%. The properties in the portfolio are a few blocks from each other (the furthest distance between properties measuring just six city blocks), allowing for easy property management. The portfolio is in the heart of Red Hook’s cobblestone streets, near renowned Brooklyn food and beverage venues like Hometown Bar-B-Que, Brooklyn Crab, and Red Hook Tavern, and sits along the main public transportation corridor in the area.