40-Units in the Heart of Crown Heights
24-30 Rogers Avenue
Closed 07/08/2016 at
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TerraCRG has been retained to exclusively represent ownership in the sale of 24-30 Rogers Avenue in the Crown Heights section of Brooklyn.
The offering represents a unique opportunity to purchase a rare 78-foot wide, 40-unit multifamily building in the heart of Crown Heights. The building is located on Rogers Avenue between Bergen Street and St. Marks Avenue, just two blocks from the Brooklyn Children’s Museum and close to the A, C and 3 subway stop, providing access to Manhattan in just 20 minutes.
The four-story, ~19,820 SF property is comprised of 40 residential units, 8 of which will be delivered vacant. The unit mix consists of 12 one-bedroom apartments and 28 studio apartments.
The asset presents significant upside, with average rents in the building of $29/SF, compared with market rents in Crown Heights of $50/SF.
The gross annual rent is projected at $538,336 and the approximate NOI is $33,077, which equates to ~4% yield.
The immediate area has become the center of cultural activity in Brooklyn, sought after by investors, residents and retailers. The area has gone through strong transformation over the last decade with many condo developments, strong retail and a robust brownstone sales market.