Wyckoff Avenue Portfolio – Bushwick
287-295 Wyckoff Avenue
B13, B52, B54, Q55, Q58
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TerraCRG has been retained to exclusively represent ownership in the sale of 287-295 Wyckoff Avenue, in Bushwick, Brooklyn. The total portfolio consists of ~17,000 above grade SF of real estate, 4 contiguous buildings, 22 total units (4 retail spaces, 12 free market residential units and 6 rent stabilized residential unit) and ~4,700 additional buildable SF.
Three Free-Market, Mixed-Use Buildings:
- 287 Wyckoff Avenue
- This three-story, 4,050 SF free-market 25 ft x 54 ft mixed-use building contains 4, three-bedroom, residential units and 1 Retail unit. This building has been fully renovated, but the in-place rents have significant upside as the Covid rents expire.
- 293 Wyckoff Avenue
- This three-story, 4,275 SF free-market 25 ft x 58 ft mixed-use building contains 4, two-bedroom railroad style, residential units and 2 retail units. This building has been updated but significant upside in the rents can be captured by reconfiguring the units. Even if the units are not reconfigured, there is still significant upside on the in-place rents as the Covid rents expire.
- 295 Wyckoff Avenue
- This three-story, 4,200 SF 25 ft x 56 ft free-market mixed-use building sits contains 4, three-bedroom, residential units and 1 retail unit. This building has been fully renovated, but the in-place rents have significant upside as the Covid rents expire.
One Rent Stabilized, Multifamily Building:
- 291 Wyckoff Avenue
- This three-story, 4,350 SF 25 ft x 58 ft rent stabilized multifamily building, contains six residential units (2 duplex units with private yard access and 4 two-bedroom railroad style units.
The in place gross rent on the portfolio is $667,317, but the current market rents on the portfolio are ~ $738,000. Renovation would not be needed to achieve the market rents. These rents can be achieved as the Covid rents expire and new market leases are put in place. A gross rent roll above $738,000 could be achieved by further renovating 293 Wyckoff Avenue.
At asking price, the price per Gross SF is $622.
This portfolio offers the very unique opportunity to purchase 4 contiguous building on the most prime section of Wyckoff Avenue. Over the years, Wyckoff Avenue has emerged as the center of the retail and residential explosion in Bushwick. Some of the most sought-after bars, restaurants, markets, coffee shops and music/entertainment venues are located on Wyckoff Avenue, including House of Yes, Sea Wolf, Left Hand Path, Queen, Wyckoff Starr, Variety Coffee, Hana Natural, Bulbap Grill and Artichoke Pizza. There are also many national tenants on Wyckoff Avenue, including Starbucks, Capital One Bank, Planet Fitness and CVS. These buildings are also in close proximity to both Maria Hernandez Park and the Wyckoff Heights Medical Center.
287-295 Wyckoff is advantageously located just two blocks away from the Myrtle-Wyckoff Avenue subway station, serviced by both the L & M trains, allowing access to Williamsburg and Union Square in minutes.