6 Unit Multifamily Building in Bushwick

864 Hart Street

Bushwick

$3,100,000

Size 5,200 SF
Units 6
Lot SF 2,500 SF
Cross Streets Irving + Knickerbocker Avenue
Subways
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Multifamily 864 Hart Street, Bushwick
Matthew Cosentino
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Overview

TerraCRG has been retained to exclusively represent ownership in the sale of a fourbuilding 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.

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