Renovated Corner Brick Mixed-Use Building in Bushwick
684 Central Avenue
Bushwick
Closed 10/04/2022 at
$2,850,000
B13, B26, B36, B52, B54, B60
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718-395-1877
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Overview
TerraCRG has been retained to exclusively represent ownership in the sale of 684 Central Avenue, a mixed-use building, situated in the Bushwick neighborhood of Brooklyn.
This 5,280 SF brick renovated property is comprised of five residential apartments and a neighborhood grocery in the retail space. This building is uniquely situated on a corner allowing all the residential units to be ideal 3 bedrooms (front and back box style). The property has an in place gross income of approximately $182,000 and an NOI of approximately $150,000. However, the in-place rents are Covid rents and there is significant upside on the rent roll. The in-place Cap Rate is ~5.2% but without doing any renovation, current market rents should take the Cap Rate to ~6.2%. At asking price, the property is offered at $549/SF.
Attractions
Located on the corner of Central Avenue and Moffat Street, the property’s spacious three-bedroom apartments feature numerous windows, allowing a significant amount of natural light and fresh air in while providing beautiful views of Bushwick’s buzzing retail and vibrant attractions.
Attractions include neighborhood parks, popular local nightlife, restaurants, bars, and coffee shops such as Irving Square Park, Father Knows Best, and Halsey Ale House. The property is also ideally positioned one block from Wilson Avenue Station, serviced by the L train.