~7.4% Cap New Construction Building, 8 Units 911 Broadway 7,125 SF 100% Leased Retail Building Brooklyn, NY 11206 For Sale 7.40% Cap Rate
INVESTMENT HIGHLIGHTS
- ~7.4% In-Place Cap Rate
- Separate Heat & Tax Abatement
- Close Proximity to J, M, Z, and G Trains
- Offered at $495/SF
- Strong Retail Location
EXECUTIVE SUMMARY
TerraCRG has been retained to exclusively represent ownership in the sale of 911 Broadway, a large brand-new mixed-use building, located in the Bushwick neighborhood of Brooklyn.
At asking price, the property is ~7.4% Cap and $495/SF for a building that has no deferred maintenance and does not need any upgrades.
The 5-story 7,775 SF property is fully occupied with a total of 8 units, comprised of 7 residential units and 1 retail space. The building consists of 4 three-bedroom units, 2 two-bedroom units and a studio penthouse apartment. The retail space is occupied by an upscale West African fusion restaurant.
The property has very low expenses as the heat is separated and the property has a J-51 tax abatement that expires in 2032. Currently the property has a gross income of $331,901/year.
Located less than one block from the Myrtle Avenue train station serviced by the J, M & Z trains, this property benefits from the multiple nearby transit options that not only allow easy access to both Williamsburg and Union Square in minutes but also attract creatives from all over the world to explore Bushwick.
At asking price, the property is ~7.4% Cap and $495/SF for a building that has no deferred maintenance and does not need any upgrades.
The 5-story 7,775 SF property is fully occupied with a total of 8 units, comprised of 7 residential units and 1 retail space. The building consists of 4 three-bedroom units, 2 two-bedroom units and a studio penthouse apartment. The retail space is occupied by an upscale West African fusion restaurant.
The property has very low expenses as the heat is separated and the property has a J-51 tax abatement that expires in 2032. Currently the property has a gross income of $331,901/year.
Located less than one block from the Myrtle Avenue train station serviced by the J, M & Z trains, this property benefits from the multiple nearby transit options that not only allow easy access to both Williamsburg and Union Square in minutes but also attract creatives from all over the world to explore Bushwick.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
7,125 SF
Building Class
B
Year Built
1910
Cap Rate
7.40%
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Building FAR
2.87
Lot Size
0.06 AC
Zoning
R6 - Medium density residential district
AMENITIES
- Bus Line
- Commuter Rail
- Metro/Subway
Walk Score®
Walker's Paradise (98)
Transit Score®
Rider's Paradise (98)
Bike Score®
Very Bikeable (77)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 03150-0006 | Improvements Assessment | $444,150 |
| Land Assessment | $45,450 | Total Assessment | $489,600 |
