Log In/Sign Up
Your email has been sent.
8 Unit Free-Market Multifamily Building 60 New York Ave 8 Unit Apartment Building For Sale Brooklyn, NY 11216
INVESTMENT HIGHLIGHTS
- 9,536 Gross SF
- $518K-$710K in Potential Gross Income
- Heart of Crown Heights
- 8 Free-Market Apartments
- Adjacent to AAMUP Rezoning
EXECUTIVE SUMMARY
TerraCRG has been retained to exclusively represent ownership in the sale of the fully free-market multifamily building located at 60 New York Avenue, in the heart of Crown Heights. The property is located just off of Atlantic Avenue, one block away from Nostrand Avenue and its renowned collection of restaurants and stores.
The building consists of 8 free-market apartments and has relatively low expenses due to its tax-class protected status. The ~9,500 SF property has a current gross annual income of ~$413,000, however the property has significant rental upside as the units are rented below market. There are 2 potential options a buyer can look at to achieve this upside.
SCENARIO 1
Don’t do any renovation of the units, and as the units turn increase the rents to market rents for the existing renovation level, which is in the $5,000-$5,500/month range. The potential gross income in this scenario is ~$518,000/year.
SCENARIO 2
Do a more significant renovation of the units, including potentially changing the layouts and duplexing the ground floor unit to achieve the maximum market rents, which are in the $7,000-$7,500/month range. The potential gross income in this scenario is ~$710,000/year.
The property also sits adjacent to the recently rezoned area as part of the Atlantic Avenue Mixed Use Plan, which is expected to bring approximately 4,600 new units of housing in the next several years.
60 New York Avenue is within walking distance of the Nostrand Avenue LIRR station, A/C/E subway line, and B44, B65, and B49 bus stops.
The building consists of 8 free-market apartments and has relatively low expenses due to its tax-class protected status. The ~9,500 SF property has a current gross annual income of ~$413,000, however the property has significant rental upside as the units are rented below market. There are 2 potential options a buyer can look at to achieve this upside.
SCENARIO 1
Don’t do any renovation of the units, and as the units turn increase the rents to market rents for the existing renovation level, which is in the $5,000-$5,500/month range. The potential gross income in this scenario is ~$518,000/year.
SCENARIO 2
Do a more significant renovation of the units, including potentially changing the layouts and duplexing the ground floor unit to achieve the maximum market rents, which are in the $7,000-$7,500/month range. The potential gross income in this scenario is ~$710,000/year.
The property also sits adjacent to the recently rezoned area as part of the Atlantic Avenue Mixed Use Plan, which is expected to bring approximately 4,600 new units of housing in the next several years.
60 New York Avenue is within walking distance of the Nostrand Avenue LIRR station, A/C/E subway line, and B44, B65, and B49 bus stops.
PROPERTY FACTS
| Sale Type | Investment | Building Class | C |
| No. Units | 8 | Lot Size | 0.08 AC |
| Property Type | Multifamily | Building Size | 9,536 SF |
| Property Subtype | Apartment | No. Stories | 4 |
| Apartment Style | Mid-Rise | Year Built | 1931 |
| Zoning | C8-2 | ||
| Sale Type | Investment |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.08 AC |
| Building Size | 9,536 SF |
| No. Stories | 4 |
| Year Built | 1931 |
| Zoning | C8-2 |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 4+2 | 8 | - | 1,198 |
1 1
Walk Score®
Walker's Paradise (99)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (84)
PROPERTY TAXES
| Parcel Number | 01201-0035 | Improvements Assessment | $947,250 |
| Land Assessment | $65,250 | Total Assessment | $1,012,500 |
PROPERTY TAXES
Parcel Number
01201-0035
Land Assessment
$65,250
Improvements Assessment
$947,250
Total Assessment
$1,012,500
CONTACTS
-
Daniel Lebor -
Matthew Cosentino -
Remi Norris -
Vivek Sharma -
TerraCRG Brooklyn Commercial Real Estate
1 of 2
VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
1 of 1
Presented by
8 Unit Free-Market Multifamily Building | 60 New York Ave
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.