305 McGuinness Blvd
Brooklyn, NY 11222 ·
38 Units · Multifamily For Sale
|No. Units||38||Property Use Type||Investment|
|Building Size||41,355 SF||Cap Rate||5.42%|
|Listing ID: 18119185||Date Created: 04/11/2013||Last Updated: 07/12/2013|
The subject property, 305 McGuinness Blvd, is one five-story apartment building located on McGuinness Blvd, stretching a full block between Huron Street and India Street in the Greenpoint section of Brooklyn, New York (Block: 02533; Lot: 0033). The building sits on a 60 ft. x 200 ft. lot.
The property is currently comprised of 38 luxury residential loft units. The property was built in 2008 and is in pristine condition with condo quality units. The units are comprised of various different layouts with many of the units duplexed and additional units offering private outdoor spaces. The apartments features enormous floor to ceiling low emissivity windows, separate heating units, GE Energy Star appliances, luxury bathrooms and much more. Building amenities include an on-site gym, 18 parking spaces for rent, and common rooftop terraces that give tenants tremendous views of the Manhattan skyline.
Average rents in the building are approximately $37 psf in an area where average rents range from $45 psf to $50 psf which provides for tremendous upside in the rent roll. The property is a 5.4% cap rate on CURRENT numbers.
The building is located one block from the G-Train entrance at India Street. The 7 Train with direct access to Manhattan is a short walk across the PuIaski Bridge to the Vernon Blvd/Jackson Avenue Station. It is also located one block away from the heart of Manhattan Avenue shopping, dining, and nightlife. This property provides an investor the rare opportunity to obtain a condo quality luxury rental building in one of the most desired neighborhoods in Brooklyn.
305 McGuinness Blvd, Brooklyn, NY 11222 (Kings County)
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