Vacant Three-Unit Building in Prime Bed-Stuy

Overview

TerraCRG has been retained to exclusively represent ownership in the sale of the multifamily building at 320 Tompkins Avenue in the Bedford-Stuyvesant section of Brooklyn. The building is located between Monroe Street and Gates Avenue, within close proximity to the A and C trains at the Nostrand Avenue and Kingston-Throop stations. The vacant brick three-unit property is approximately 2,800 SF with over 2,000 SF of additional air rights. The property needs a full renovation and there are a number of potential renovation options, all of which will allow the new owner to generate very strong returns. One option is the property can remain a three-story property with 1 three-bedroom unit, 1 two-bedroom unit and a ground floor duplex unit. This layout would generate approximately $100,000/year in gross revenue. Another option is the 2,000 SF of air rights can be used to expand the property to create a 4.5 story, ~4,800 SF property that would generate approximately $140,000/year in gross revenue. The property allows access into Manhattan and Downtown Brooklyn within 20 minutes.