16 Units – 8,440 SF Building
851 Franklin Avenue
Closed 02/12/2016 at
Eastern Parkway, Long Island Rail Road
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This 16-unit building in prime Crown Heights has 12 free market units that have been gut renovated with high-end rental finishes. The remaining four stabilized units have far below market rents.
The 8,440 SF building consists of 6 large two-bedroom units, 6 studios and 4 one-bedroom apartments. The asset presents a rare opportunity to acquire one of the nicest walk up buildings in Crown Heights one block from the subway with a 4.7% CAP rate. Current ownership has added new amenities to the building to maximize rents including a furnished roof deck available to all tenants as well as private roof decks for apartments 4B and 4C. The cellar space has been fully renovated and includes bike storage, laundry and storage lockers for tenants.
Crown Heights has seen tremendous transformation over the last decade with many condo developments, strong retail and a robust brownstone sales market. In just a few years, rents has risen from $25/SF to $45/SF and are poised to excess $55/SF within the new few years. As a result, Franklin Avenue is now seeing a strong retail market with the addition of various new restaurants and boutiques serving the new demographic.
The building is located just one block from Eastern Parkway and the 2,3,4,5 subway lines at the Botanic Garden/Franklin Avenue subway stations and just a short distance from the Botanical Gardens, The Brooklyn Museum and Prospect Park. The property is also one stop away from the Barclays Center with access to the D,N,R,B,Q trains plus the LIRR, making the commute in and out of Manhattan just 15 minutes.
It is no surprise that Brooklyn’s Crown Heights is experiencing something of a renaissance, with its close proximity to Prospect Park, the Brooklyn Museum and numerous subway lines. Until recently, the main thoroughfares of Crown Heights were bleakly dotted with discount stores and shuttered retail spaces. But today, the area is evolving into a new foodie mecca complete with rustic Italian restaurants, bustling bars and even shops hawking locally made cheeses. And the frenzy’s not stopping anytime soon.