Overview

The 5 unit building at 250 Melrose Street is now offered for sale. The property is located in prime Bushwick on Melrose Street between Wilson Avenue and Central Avenue. The property is ideally located near both the Morgan Avenue L station and the Jefferson Street L station.

The 4,350 SF property has an approximate 1,459 SF apartment (with backyard access) and 4 railroad apartments (5 residential units total). All of the units are free market (no rent stabilization/rent control). The building has an annual rent roll of approximately $58,000, however all of the units are significantly below market value. The building has rent potential of approximately $120,000/year and there are no long term leases in the building. The property has been maintained (there is a new roof and the siding on the back side of the building was recently replaced).

The property is in very close proximity to many of the new restaurants, cafes, clubs, bars and specialty markets that are opening in the area (including Roberta’s) and is in very close proximity to many of the new luxury rental and condo buildings being built in the area (including the 146 unit CastleBraid luxury rental building).