Multifamily Building in Fort Greene Opportunity Zone

42 Clermont Avenue

Fort Greene

Size 2,872 SF
Cross Streets Flushing & Park Ave
Residential Units 4
Opportunity Zone Yes
Subways
g
Buses
B57, B62, B69
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Multifamily 42 Clermont Avenue, Fort Greene
Peter Matheos
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Details

Effective Gross Income $110,836
NOI ~$91,341

Overview

TerraCRG has been retained to exclusively represent ownership in the sale of the free market, four-unit multifamily building at 42 Clermont Ave in Fort Greene, Brooklyn.

42 Clermont Avenue is advantageously situated less than one block from the Brooklyn Navy Yard between Park and Flushing Avenues. It is also located within a Qualified Opportunity Zones recently created under the Tax Cuts and Jobs Act of 2017. The property can be delivered vacant.

The building is comprised of 2,872 SF on an 820 SF lot. The projected gross rents for the building are $114,264 with a projected NOI totaling ~$91,341.

Attractions

Several major institutions within a short distance of the building include the Brooklyn Navy Yard, Pratt Institute, Brooklyn Academy of Music, and Barclays Center. The property also benefits from its proximity to three major retail corridors: Myrtle Avenue, Dekalb Avenue and Fulton Street, which together are home to a wide array of retailers, including both national chains and local stores and a myriad of bars and restaurants, including some of the most acclaimed restaurants in Brooklyn.

The commute to Union Square in Manhattan is only 25 minutes from the Clinton-Washington Avenues subway on Fulton Street, just a few blocks away. And several other stations are within walking distance, including the major hub, Atlantic Avenue-Barclays Center, with the N, Q, R, B, D, 2, 3, 4 and 5 trains as well as the Long Island Railroad.

 

Brooklyn Navy Yard
Pratt Institute
Brooklyn Academy of Music
and Barclays Center

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