THE OFFERING Ideal Properties Group is pleased to offer the following opportunity located in the booming Greenpoint , Brooklyn neighborhood. 572 Morgan Avenue is located between Nassau Avenue and Driggs Avenue, and contains a gross square footage of 6,500. The building is built 25 x 65 feet on a 25 x 100 lot ( Block: 2691 Lot: 59).The property is zoned R6B. Trophy Location. Situated in the prime of Greenpoint, 572 Morgan Avenue is strategically located near Msgr. McGolrick Park, the PS 110 Monitor School, Sgt.William Dougherty Playground and is in close proximity to B48, B24 buses and the G subway line, this location offers terrific access to restaurants, and other amenities in Greenpoint neighborhood. Because of these factors, renters typically pay market premiums for buildings in this location THE OPPROTUNITY Economies of Scale. 572 Morgan Avenue provides an investor with the opportunity to own an 8-unit building in one of the most desirable submarkets in Brooklyn. Rental Growth. 572 Morgan Avenue features significant in-place cash-flow with the ability to add value to the real estate by increasing current rents. Because of leases expiring periodically within the next 18 months, 572 Morgan Avenue will enjoy a growth in the cap rate. Currently being offered at 3.4% cap rate, by the start of 2021 the cap rate percentage can potentially grow an additional 2-4%. In addition to the rental upside, 572 Morgan Avenue will benefit from its trophy location for years to come.
