Free Market Mixed Use Building on Gates Avenue

551 Gates Avenue

Bed-Stuy/Ocean Hill

$2,200,000

Cross Streets Tompkins Avenue and Gates Ave
Gross SF 4,000 SF
Units 5
Subways
a
c
g
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Mixed-Use 551 Gates Avenue, Bed-Stuy/Ocean Hill
Matthew Cosentino
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Details

NOI $131,911
Cap Rate 6%

Overview

TerraCRG has been retained to exclusively represent
ownership in the sale of the Free Market, mixed use
building located at 551 Gates Avenue in the Bed-Stuy
neighborhood of Brooklyn. The corner property is located
at the intersection of Tompkins and Gates Avenue.
The three story, wrap-around brick building consists of two
floor-through Free Market residential units and 3 in-place
retail tenants. The residential units are renovated, three
bedroom, one and a half bath units, one of which includes a
large outdoor terrage space.
The building has a gross SF of 4,000 SF. There is a gross
rent roll of $157,535 and a NOI of $131,911. At the asking
price the building represents a PPSF of ~$550 and 6% cap
rate. The building is in tax class 2A which limits the tax
increases per year.

Attractions

The building is located in a premier Bedford-Stuyvesant
location close to some of the best retailers in the
neighborhood, including: Sincerely Tommy (high end
clothing store and café); Crocus Café and Juice Bar; Nagle’s
Bagels; and Bed-Vyne Brew/Bed-Vyne Wine.
The building is located a few blocks away from the Nostrand
Avenue station, with access to the G train, in addition to the
local C and express A train at Nostrand Avenue and Fulton
Avenue.

Crocus Café and Juice Bar; Nagle’s Bagels; and Bed-Vyne Brew/Bed-Vyne Wine

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