Closed 07/31/2015

Prime Vacant 8 Unit Mixed Use Building

406 Tompkins Avenue

Bedford-Stuyvesant

Closed 07/31/2015 at
$2,025,000

Total Units 8
Residential Units 7
Commercial Units 1
Gross SF 4,400
Cross Streets Hancock Street and Jefferson Avenue
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Retail/Mixed-Use 406 Tompkins Avenue, Bedford-Stuyvesant
Matthew Cosentino
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Details

Block-Lot 1834-43
Lot Size 20 ft x 75 ft
Building Size 20 ft x 55 ft
Building Code C0
Zoning R6A/C2-4
Stories 3

Overview

TerraCRG has been retained to exclusively represent ownership in the sale of the mixed use building located at 406 Tompkins Avenue in the Bedford Stuyvesant neighborhood of Brooklyn. The building is located between Jefferson Avenue and Hancock Street, only four blocks from the Kingston – Throop C Train Station. The building presents the extremely unique opportunity to obtain a vacant 8 unit building, which is almost impossible to find in this location.

The four story brick building consists of 8 units (7 residential units and 1 ground floor retail space). The entire building will be delivered vacant. 6 of the residential units are large one bedroom units and 1 of the residential units is on the ground floor with backyard access (and the potential to be duplexed). The building layout is front and back units, which allows for the opportunity to increase the number of bedrooms in each unit.

The property has rent potential of approximately $195,000/year and a projected NOI of approximately $160,000/year, which equates to a 7.3% Cap Rate. The property is also located in the heart of one of the most rapidly increasing rental markets in the country.

The property is in an ideal residential and retail location within close proximity to some of the best restaurants, bars and retail stores in Brooklyn. The property is across the street from Peaches HotHouse Restaurant and a few blocks from Sincerely Tommy (a new high-end women’s fashion retailer), Eugene & Co. (a new farm to table restaurant with a chef from Le Bernardini), Saraghina Restaurant and Georges-Andre Vintage Cafe to name a few. The building is also surrounded by many new luxury development projects, including a brand new conversion development half a block away at 414-416 Tompkins Avenue. The property also allows easy access to Manhattan by subway in approximately 15 minutes

Attractions

Beginning in the 2000s, Bedford Stuyvesant began to experience gentrification. The two significant reasons for this were the affordable housing stock consisting of brownstone rowhouses located on quiet tree-lined streets and the marked decrease of crime in the neighborhood. In addition a major business improvement district has been under way along the Fulton and Nostrand Corridor with redesigned streetscape to include: new street trees, street furniture, pavers, signage, and improved cleanliness in an effort to attract more business investment

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