30 Unit Building
641 St. Marks Avenue
Crown Heights
Closed 07/08/2016 at
$6,600,000 | $367 per SF
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Overview
TerraCRG has been retained to exclusively represent ownership in the sale of 641 St. Marks Avenue in the Crown Heights section of Brooklyn.
The offering represents a unique opportunity to purchase a rare 60-foot wide, 30-unit multifamily building in the heart of Crown Heights. The building is located on St. Marks Avenue between Rogers and Nostrand, just two blocks from the Brooklyn Children’s Museum and close to the A, C & 3 subway stop, providing access to Manhattan in just 20 minutes.
The four-story, ~16,725 SF property is comprised of 30 residential units, 11 of which will be delivered vacant. The unit mix consists of 27 one-bedroom apartments and three 2-bedroom apartments.
The asset presents significant upside, with average rents in the building of $23/SF, compared with market rents in Crown Heights of $45/SF.
The gross annual rent is projected at $489,143 and the approximate NOI is $324,849, which equates to a ~4.6% yield.
The property is located just a short distance away from the Brooklyn Botanical Gardens and Prospect Park and other cultural destinations including the Brooklyn Museum, Grand Army Plaza and the Brooklyn Public Library.
Attractions
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.