Closed 11/05/2019

Five-Unit Free Market Multifamily Building in Clinton Hill/Bed Stuy

238 Gates Avenue

Bed-Stuy/Ocean Hill

Closed 11/05/2019 at
$2,135,000 | $511/SF per SF

Building Size 4,174 SF
Cross Streets Classon and Franklin Ave
Cap Rate 5.2%
Units 5
Subways
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Multifamily 238 Gates Avenue, Bed-Stuy/Ocean Hill
Matthew Cosentino
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Details

Projected Annual Rent $143,628
NOI $121,644

Overview

TerraCRG has been retained to exclusively represent ownership in the sale of 238 Gates Avenue, a five-unit, free market multifamily building in Bedford-Stuyvesant, Brooklyn.
Located between Classon and Franklin Avenues, 238 Gates Avenue is a five-story building consisting of 4,174 SF. The property has undergone a full gut renovation with condo quality finishes and a finished basement. With one unit per floor, the unit mix consists of a three-bedroom duplex with a private backyard, a two-bedroom unit with a patio, a two-bedroom with a balcony, a two-bedroom, and a one-bedroom.
At asking price, the property has 5.2% cap rate. The property has an annual rent of ~$143,628 and an NOI of $121,644.

Attractions

The building is located on the Clinton Hill/Bed-Stuy border and is close by Bedford Avenue, Fulton Street, and Franklin Avenue retail corridors. Some prominent retailers include neighborhood favorites Oaxaca Taqueria, Dynaco, Pilar Cuban Eatery, Playground Coffee Shop, Home Frite, Shipwreck Seafood Boutique, Stonefruit Espresso + Kitchen, Saraghina, Peaches and more.

Oaxaca Taqueria
Dynaco
Pilar Cuban Eatery
Playground Coffee Shop
Home Frite
Shipwreck Seafood Boutique
Stonefruit Espresso + Kitchen
Saraghina
Peaches and more.

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