An Extensively Gut Renovated, Cash Flowing Asset. 347 Lorimer Street boasts an immediate net cash flow of over $910,00 per year. With all units being leased and meticulously renovated with stainless steel appliances, central air with nest technologies, and an in-unit washer/dryer, this asset is perfectly situated to continue to take advantage of the appreciating Williamsburg rental market. Other amenities include virtual doorman, key fob access, roof deck with Brooklyn and Manhattan skyline views, and a bike share program. This is truly a turn-key, trophy investment. In a neighborhood primarily comprised of 6-10 unit buildings, this is a rare opportunity to acquire one trophy asset containing 18 units at a great price per SF basis of $795 PSF. Similar assets close by are trading near $1,000 PSF with individual condos in the area consistently trading north of$1,200 PSF.
Ideally Located to Thrive Off of the L Train Shutdown. This asset is perfectly central between the main Williamsburg subway lines in the G, JMZ, and L trains. A short 2 blocks to the Broadway G trains and only 4 blocks to the Lorimer Street JMZ trains, 347 Lorimer is ideally situated to benefit from a rental appreciation as the market continues to adapt to the L train shutdown. As a neighborhood that depends on Manhattan access, 347 Lorimer will be able to continue to provide that option into Manhattan as well as offer a new alternativeto tenantsthat are currentlydependenton the L train.
