56 North 9th Street | 56 N 9th St
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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.
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
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)
PROPERTY TAXES
Parcel Number | 02309-1201 | Improvements Assessment | $6,128,550 |
Land Assessment | $799,403 | Total Assessment | $6,927,953 |
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.) |
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56 North 9th Street | 56 N 9th St
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