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56 North 9th Street 56 N 9th St

44 Unit Apartment Building $73,000,000 ($1,659,091/Unit) 6.28% Cap Rate Brooklyn, NY 11249

Investment Highlights

  • 6-story Elevatored Mixed Use asset situated along the Williamsburg Waterfront on Kent Avenue
  • 100% Occupied Retail and Commercial across 33,000 SF | 9.4 Year WALT
  • Core Investment Opportunity offering resilient cashflow at a discount to replacement in an exceptional Williamsburg location
  • 44 Residential Units with Favorable Unit Mix and Luxurious Amenities
  • Long term 421A abatement and ICAP exemption as well as a 5-year Childcare Center Abatement
  • Reduced Asking Price: $73,000,000 (6.28% Cap Rate | $730/SF)

Executive Summary

“56N9" is a newly constructed 6 story mixed use asset spanning 99,878 SF on the corner of North 9th Street and Kent Avenue along the Williamsburg waterfront. The asset is comprised of 44 well-appointed luxury residential units and 33,000 square feet of fully occupied retail and commercial space as well as a multi-level covered parking garage. The fully occupied retail and commercial component is spread across three floors with a 9.4Year WALT.

The property provides unparalleled street exposure, boasting 270' feet of wraparound frontage directly across from the revamped Bushwick Inlet Park and a few steps away from Marsha P. Johnson State Park. 56N9 was built under a 25-Year 421A (80/20) and 25-Year ICAP providing significant cost controls and protected cashflows through 2044.

Property Facts

Price $73,000,000
Price Per Unit $1,659,091
Sale Type Investment
Cap Rate 6.28%
No. Units 44
Property Type Multifamily
Property Subtype
Apartment
  • General Retail Storefront Retail/Residential
  • Office Office Residential
Apartment Style Mid Rise
Building Class A
Lot Size 0.39 AC
Building Size 99,878 SF
Average Occupancy 100%
No. Stories 6
Year Built 2018
Parking Ratio 0.86/1,000 SF

Unit Amenities

  • Washer/Dryer
  • Hardwood Floors
  • Ice Maker
  • Refrigerator
  • Stainless Steel Appliances
  • Views

Site Amenities

  • Clubhouse
  • Fitness Center
  • Waterfront
  • Grill
  • Package Service
  • Pet Play Area
  • Storage Space
  • Bicycle Storage
  • Pet Care
  • Sundeck

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
Studios 8 - 450 - 500
1+1 9 - 700 - 750
2+2 25 - 850 - 1,300
3+3 2 - 1,300 - 1,400
Walk Score ®
Walker's Paradise (97)
Transit Score ®
Rider's Paradise (94)
Bike Score ®
Biker's Paradise (91)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
02309-1201
Land Assessment
$799,403
Improvements Assessment
$6,128,550
Total Assessment
$6,927,953

zoning

Zoning Code M1-2, R6A (Light industrial with offices, hotels, and most retail uses permitted.)
M1-2, R6A (Light industrial with offices, hotels, and most retail uses permitted.)
  • Listing ID: 32973421

  • Date on Market: 8/27/2024

  • Last Updated:

  • Address: 56 N 9th St, Brooklyn, NY 11249

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