Closed 07/28/2013

Prime Bushwick (between Troutman St & Jefferson St)

125-127 Evergreen Ave

Bushwick

Closed 07/28/2013 at

Residential Units 16
Gross SF 11,500
Stories 4
Cross Streets Jefferson St & Troutman St
Subways
j
m
z
Buses
B54
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Multifamily 125-127 Evergreen Ave, Bushwick
Matthew Cosentino
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Details

Block_Lot 3172_6,5
Lot Size 25 ft x 100 ft
Building Size 25 ft x 57.5 ft
Building Class C1
Zoning R6

Overview

The 16 unit property located at 125-127 Evergreen Avenue is now offered for sale. The property is located on Evergreen Avenue between Jefferson Street and Troutman Street in the Bushwick neighborhood of Brooklyn.

The buildings produce gross annual income of approximately $217,000/year. The rents are significantly below market value as 14 of the 16 units are rented for just over $1,000/month; similar sized renovated apartments in this location are renting for at least $1,700/month. Aggressive management would allow new ownership to take advantage of Bushwick’s booming rental market and achieve the property’s full upside potential. The buildings have 1 vacant unit and both buildings have brand new gas boilers.

The property’s prime Bushwick location also offers the following benefits:

  • Located within a 15 minute subway ride to Manhattan and walking distance to Williamsburg. The buildings have easy access to the L train at Morgan Avenue and Jefferson Street and the JMZ Train at Myrtle Avenue;
  • Located near several new development projects, including the 146 unit CastleBraid luxury rental building around the block; this project is widely considered one of the most successful developments in Bushwick;
  • Located within close proximity to the many new bars, restaurants, art galleries and music venues opening in the area, including the planned opening of an 80,000 SF retail and nightlife complex a few blocks from the property;
  • Located in one of the best areas for rent growth in New York

Attractions

The property is ideally located in one of the most desirable locations in Bushwick. The retail development in this location has exploded with some of the best restaurants, bars, cafes and shops opening in the immediate vicinity, including: Mominette French Bistro, Northeast Kingdom, Tandem Bar, Hanna Natural Organic Market and Wine Shop, The Cobra Club, Green Street Salads and Miles Bar.

Maria Hernandez Park
Bushwick Collective

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