TerraCRG has been retained to exclusively represent ownership in the sale of the two multifamily buildings at 471-475 Chauncey Street in the Bedford-Stuyvesant section of Brooklyn. The buildings are located in close proximity to the J/Z trains at Chauncey Street and the C train at Rockaway Avenue.
The buildings are oversized with a total SF of 11,314 and an approx. 52 ft. x 73 ft. footprint. There are 12 total units, 3 of which have been renovated and converted from railroad style units to 2 and 3 bedroom units. The other units are railroad style layouts that are attractive as the bathroom is already set in the middle of the apartment along with air shafts in the middle of the units, which provide light and air to potentially create additional bedrooms. The buildings are very well maintained, including a new roof, recent pointing, new electric service and intercom system.
The buildings currently have a gross rent roll of approx. $175,000/year and an NOI of approx. $118,00/year. The buildings are priced at $260/SF and a 4% Cap Rate with enormous upside in almost all the rents.
The property is ideally located within very close proximity to 3 subway lines (J, Z & C). The building is also located near many new exciting restaurants, bars, cafes and apparel stores that are opening to meet the needs of the influx of new residents to the area, including: Manny' s Restaurant, Bed-Stuy Fresh & Local, The Bar Boutique, Lady Moo Moo Ice Cream, The Wilky Bar and Bread Love.
