8-Unit Mixed-Use Corner Building in Bed-Stuy | 465 Marcus Garvey Blvd
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8-Unit Mixed-Use Corner Building in Bed-Stuy 465 Marcus Garvey Blvd
8 Unit Apartment Building $3,200,000 ($400,000/Unit) 6.72% Cap Rate Brooklyn, NY 11216
Investment Highlights
- 6.75% CAP RATE
- Prime Corner Retail
- $400/SF
- 8,000 SF Tax Class Protected Building
Executive Summary
TerraCRG has been retained to exclusively represent ownership in the sale of 465 Marcus Garvey Blvd – an 8-unit corner mixed-use building located in the heart of the Stuyvesant Heights Historic District of Bedford-Stuyvesant. The Stuyvesant Heights Historic District features some of the best brownstone properties in all of New York City.
The 8,000 SF property consists of:
- 3 fully renovated Free Market residential units (each unit being a large 3 bedroom and 2 of these units have 2 bathrooms);
- 3 rent stabilized residential units (one of which has a legal rent of $2,390/month);
- 1 Vacant Corner Retail Store; and
- 1 Occupied Retail Store that has a long-term very stable retail tenant.
The building also has low expenses because the property is tax class 2B (Tax Class Protected) and the retail tenants are separately metered for gas and water. Also, the free market residential units have upside potential as market rent for those units is $3,500/month.
The property is ideally located ~2 blocks from the Kingston-Throop A/C subway line providing express service into Manhattan in minutes. It is also located right in the middle of some of the best restaurants in Brooklyn, including Saraghina, Peaches and Chez Oskar.
The 8,000 SF property consists of:
- 3 fully renovated Free Market residential units (each unit being a large 3 bedroom and 2 of these units have 2 bathrooms);
- 3 rent stabilized residential units (one of which has a legal rent of $2,390/month);
- 1 Vacant Corner Retail Store; and
- 1 Occupied Retail Store that has a long-term very stable retail tenant.
The building also has low expenses because the property is tax class 2B (Tax Class Protected) and the retail tenants are separately metered for gas and water. Also, the free market residential units have upside potential as market rent for those units is $3,500/month.
The property is ideally located ~2 blocks from the Kingston-Throop A/C subway line providing express service into Manhattan in minutes. It is also located right in the middle of some of the best restaurants in Brooklyn, including Saraghina, Peaches and Chez Oskar.
Property Facts
Unit Amenities
- Tub/Shower
Site Amenities
- Laundry Facilities
- On-Site Retail
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 6 | - | - |
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Walk Score ®
Walker's Paradise (93)
Transit Score ®
Rider's Paradise (100)
Bike Score ®
Very Bikeable (75)
PROPERTY TAXES
| Parcel Number | 01674-0079 | Improvements Assessment | $499,410 |
| Land Assessment | $7,650 | Total Assessment | $507,060 |
PROPERTY TAXES
Parcel Number
01674-0079
Land Assessment
$7,650
Improvements Assessment
$499,410
Total Assessment
$507,060
zoning
| Zoning Code | R6B (Medium density residential district) |
| R6B (Medium density residential district) |
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Matthew Cosentino -
Remi Norris -
Daniel Chung -
TerraCRG Brooklyn Commercial Real Estate
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8-Unit Mixed-Use Corner Building in Bed-Stuy | 465 Marcus Garvey Blvd
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