Large Brick Multifamily Property in Bushwick

570 Evergreen Avenue

Bushwick

Cross Streets Putnam & Cornelia St
Total Building SF 6,000
Above Grade SF 4,500
Total Units 6
Subways
j
l
m
z
Buses
B13, B26, B36, B52, B54, B60
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Multifamily 570 Evergreen Avenue, Bushwick
Matthew Cosentino
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Details

Lot SF 2,500
Stories 3
Tax Class 2A
Building Class C2

Overview

TerraCRG has been retained to exclusively represent ownership in the sale of 570 Evergreen Avenue, a large brick multifamily building located in the Bushwick neighborhood of Brooklyn.

The 6,000 SF building has been fully gut renovated and contains 6 condo quality residential units, a tenant common lounge, roof deck and 1,000 SF backyard. The penthouse units are one-of-a-kind for the area with double-height ceilings that make them highly desirable on the rental market.

The 6 free market units each contain three Bedrooms and two bathrooms. This building has very low expenses as the tenants pay their own heat and the property is tax class protected. Currently, the property has a gross income of ~$208,000 and a net operating income of ~$175,000. At the asking price, this equates to a cap rate of ~5.16%.

Attractions

The property sits close to popular local nightlife, restaurants, bars, and coffee shops. Some highlights include Caffeine Underground, Angela’s Bakery, Halsey Ale House, Father Knows Best, Purgatory, The Evergreen, Brooklyn Bites, and Bricklyn Pizza. It is also in close proximity to Irving Square Park and benefits from nearby transit options with the J train at the Halsey & Gates Stations.

Caffeine Underground
Halsey Ale House
Purgatory
The Evergreen

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