Bushwick 30 5 Multifamily Properties Offered at $8,160,000 in Multiple Locations
INVESTMENT HIGHLIGHTS
- 100% Tax Class Protected (2A)
- Thirty-six (36) residential units distributed across six (6) family buildings
- Potential for short-term upside in the Free Market units & Minimal deferred maintenance
- 47% Free Market (FM)
- Fully leased, cash-flowing assets
- Properties in close proximity, allowing for efficient management operations
EXECUTIVE SUMMARY
Avison Young has been exclusively engaged by Ownership to arrange the sale of a portfolio of five (5) multi-family tax class 2A buildings in Bushwick Brooklyn and Ridgewood Queens. The properties include 1734 Bleeker Street, 124 Linden Street, 220 Suydam Street,241 Himrod Street, 842 Hart Street (the “Properties”).
The portfolio consists of thirty (30) residential units,spanning 23,175± square feet. Of the units sixteen (16)are FM and fourteen (14) are RS. The buildings have been well maintained and tenanted. The fair market units would benefit from light value-add renovations,which will result in a significant revenue increase.
One of the most important aspects of the Bushwick/Ridgewood Portfolio is the ability to limit expense growth. All the Properties fall within the Tax Class 2A designation, limiting assessment growth to 30% over 5 years, with a maximum of 8% in any given year.
The Properties are all conveniently situated next to various transportation options and among great restaurants, entertainment, and night life options. The close proximity of the assets allows for management efficiencies as well.
The Bushwick/Ridgewood Portfolio offers potential investors an opportunity to grow their presence across a reliable set of assets and capitalize on increased cash flow + limited expense growth protection overtime in a neighborhood that continues to see record rent growth.
The portfolio consists of thirty (30) residential units,spanning 23,175± square feet. Of the units sixteen (16)are FM and fourteen (14) are RS. The buildings have been well maintained and tenanted. The fair market units would benefit from light value-add renovations,which will result in a significant revenue increase.
One of the most important aspects of the Bushwick/Ridgewood Portfolio is the ability to limit expense growth. All the Properties fall within the Tax Class 2A designation, limiting assessment growth to 30% over 5 years, with a maximum of 8% in any given year.
The Properties are all conveniently situated next to various transportation options and among great restaurants, entertainment, and night life options. The close proximity of the assets allows for management efficiencies as well.
The Bushwick/Ridgewood Portfolio offers potential investors an opportunity to grow their presence across a reliable set of assets and capitalize on increased cash flow + limited expense growth protection overtime in a neighborhood that continues to see record rent growth.
PROPERTY FACTS
| Price | $8,160,000 |
| Price / SF | $352.10 / SF |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 5 |
| Individually For Sale | 4 |
| Total Building Size | 23,175 SF |
| Total Land Area | 0.29 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
| 124 Linden St, Brooklyn, NY 11221 | Multifamily | 4,500 SF | 1931 | $1,830,000 |
| 842 Hart St, Brooklyn, NY 11237 | Multifamily | 5,250 SF | 1931 | - |
| 1734 Bleecker St, Flushing, NY 11385 | Multifamily | 4,875 SF | 1930 | $2,180,000 |
| 220 Suydam St, Brooklyn, NY 11237 | Multifamily | 4,200 SF | 1931 | $1,380,000 |
| 241 Himrod St, Brooklyn, NY 11237 | Multifamily | 4,350 SF | 1931 | $1,770,000 |
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