Closed 06/28/2014

Free Market Six-Unit Mixed-Use Building

65 Irving Avenue

Bushwick

Closed 06/28/2014 at
$2,550,000

6 Total Units
5 Residential Units
1 Commercial Unit
5,906 Gross SF
Cross Streets Troutman & Starr Streets
Subways
l
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Retail/Mixed-Use 65 Irving Avenue, Bushwick
Matthew Cosentino
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Details

Block 3188
Lot 2
Lot Size 26.25 x 75 ft
Building Size 26.25 ft x 75 ft
Building Class S4
Stories 3

Overview

TerraCRG has been retained to exclusively represent ownership in the sale of the free market mixed-use building located at 65 Irving Avenue in the Bushwick neighborhood of Brooklyn. The building is located in the prime location of Irving Avenue between Starr Street and Troutman Street. It is one block from the Jefferson Street “L” station while being directly across the street from Maria Hernandez Park.

The four-story 5,906 SF building is 26.25 ft x 75 ft. It consists of five free market apartments along with a ground floor commercial space. The building’s huge configuration along with its interior shaft ways allow for 4 three-bedroom apartments and one studio apartment. Each apartment has eight windows. One of the large apartments and the commercial space will be delivered vacant.

The fully renovated retail space is 1,500 SF. The impressive tin ceiling is joined by 14-foot exposed brick walls. The 656 SF newly cemented backyard partners with a 1,969 SF basement. The basement has eight-foot high ceilings and a brand new four inch concrete slab. The retail space also has a new ADA compliant bathroom and imported floor tiles throughout. The building systems have been completely upgraded with new electrical service, individual electrical panels per apartment, Weil-McLain gas boiler, A.O. Smith hot water heater, stove gas pipes and a security intercom system.

All the residential units are free market with month to month tenants. The building currently is rented at below market rents and would produce approximately a $200,000/year gross rent roll with the current in place below market rents (which equates to a 6.9% Cap Rate). Projecting for market rate rents on the units, the building would gross approximately $232,000/year, which would equate to a 8.2% Cap Rate.

Attractions

The property is ideally located in one of the most desirable locations in Bushwick – approximately one block from the Jefferson Street L station and directly on Maria Hernandez Park. The retail development in this location has exploded with some of the best restaurants, bars and cafes opening in the immediate vicinity. Directly next door is Green Street Salads, around the block Mayday Bar, Cafe and co-working space is opening and the property is just a few blocks from the highly acclaimed Northeast Kingdom restaurant and Hanna Natural Organic Market and Wine Shop. The property is also in the heart of Bushwick’s flourishing art scene (just a few blocks from Bushwick Collective – a massive organized street art project) and near some of the most successful rental, condo and retail projects in the area (including the Knick Condos, Castle Braid Luxury Rentals and 424 Melrose Street – an affordable “passive house” project.

Maria Hernandez Park

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