4,500 SF Six Unit Multifamily Building in Bushwick

47 Stanhope Street

Bushwick

$2,250,000

Size 4,500 SF
Lot SF 2,500 SF
Cross Streets Evergreen & Central Ave
Units 6
Subways
j
l
m
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Multifamily 47 Stanhope Street, Bushwick
Matthew Cosentino
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Overview

TerraCRG has been retained to exclusively represent ownership in the sale of a four building portfolio in Bushwick, Brooklyn. The properties at 131 Starr Streeet, 1245 Willoughby Avenue, 864 Hart Street and 47 Stanhope Street offer a rare opportunity to own value add multifamily assets in the most prime areas of Bushwick, Brooklyn.
Together, the properties consist of 26 residential units and a total building SF of 22,425. Situated along the convenient L and M subway lines through Bushwick, the portfolio consists of 73% free market units. The FM units were renovated 8 years ago and nearly half of those units are well below market rate. The portfolio gross rent roll is $700,231, with an NOI of $552,724. All 4 buildings benefit from being in tax class 2A, 2B which limits tax increases per year. At asking price, we are asking a 5.6% Cap Rate on the as is income and an investor can immediately get above a 6% Cap but upgrading the FM units and increasing rents.
Located at the linear center of prime Bushwick, the properties are in close proximity to the L and M subway lines at Jefferson Avenue, Dekalb Avenue, and Central Avenue. Also near Maria Hernandez Park and just off of Bushwick’s prominent retail corridors – Knickerbocker Avenue, Myrtle Avenue and Irving Avenue, which include a multitude of bars, restaurants,
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