Free-Market Mixed-Use Building in Prime Bushwick
89 Wyckoff Avenue
Closed 06/11/2020 at
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TerraCRG has been retained to represent ownership in the sale of 89 Wyckoff Avenue, a free-market, mixed-use building in the heart of Bushwick.
Located between Suydam Street and Hart Street, 89 Wyckoff Avenue provides the opportunity to acquire a two-over-one that is fully leased but presents immediate upside. The bar on the ground floor, Left Hand Path, is a cool local bar that has a long term lease and has built a strong clientele base. The two apartments have been recently renovated but were rented at below market which presents immediate upside. The building benefits from a brand new roof, finished basement and separate heating.
The effective gross income is $128,628 with an NOI of ~$112,835. At asking price, the as-is cap rate represents a 5.5% Cap but with an immediate path to a 6% cap rate.
The building is advantageously situated on one of the most prime blocks of Bushwick. There is a myriad of dining, arts, and entertainment in the immediate vicinity including House of Yes, Butcher’s Son, The Bushwick Collective, Sea Wolf, Alphaville, The Johnsons, The Three Diamond Door, Artichoke Pizza, L train Vintage and the Cobra Club. 89 Wyckoff Avenue is also just two blocks from the L train at Dekalb Avenue (providing a 15-minute commute to Union Square), as well as 2.5 blocks from the Jefferson Street L train stop.