9,322 SF Fully Renovated Free-Market 8-Unit Building
244 Madison Street
Bedford-Stuyvesant
Closed 02/27/2014 at
$3,650,000
I would like to be contacted:
718-395-1877
Want Matthew to contact you?
I would like to be contacted:
Google MapsDetails
Overview
TerraCRG has been retained to exclusively represent ownership in the sale of the multifamily building located at 244 Madison Avenue in the Bedford-Stuyvesant neighborhood of Brooklyn.
The building is located on Madison Street between Nostrand Ave and Marcy Ave on one of Bedford-Stuyvesant’s most desirable residential blocks. The 9,322 SF limestone and brick 4 story building recently underwent a complete gut renovation of luxury condominium quality. The property consists of 8 massive 3 bedroom/ 2 bath apartments; including two duplex apartments, which have 2.5 baths and backyard access. Major building-wide improvements include: 8 separate gas boilers and hot water heaters; central air; updated electric and plumbing; and a new roof. Each individual unit has stainless steel appliances, granite countertops, wood floors, exposed brick walls and brand new luxury baths.
The building is currently fully occupied with current gross rent roll of $251,400/year. Rents average $28/NSF leaving significant amount of upside, as market rate rents in the area are in the $40/NSF range. Tenants pay for their own heat, hot water and electric.
The building is situated in very close proximity to the Nostrand Avenue A and C train. From this location, the A train provides express service to Manhattan in approximately 15 minutes.
Attractions
Bedford Stuyvesant is a neighborhood in the central portion of the borough of Brooklyn. The main north-south thoroughfare is Nostrand Avenue, but the main shopping street is Fulton, which lies above the main subway line for the area. Beginning in the 2000s, the neighborhood began to experience gentrification. The two significant reasons for this were the affordable housing stock consisting of brownstone rowhouses located on quiet tree-lined streets and the marked decrease of crime in the neighborhood.