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7.6% Cap Rate Vacant Free-Market Mixed-Use 607 Knickerbocker Ave 2,042 SF Retail Building Brooklyn, NY 11221 $1,100,000 ($538.69/SF) 7.60% Cap Rate
INVESTMENT HIGHLIGHTS
- ~7.6% Cap Rate
- 2 Free Market Apartments
- ~2,320 SF
- Delivered Vacant
- 1 Retail Store
EXECUTIVE SUMMARY
TerraCRG has been retained to exclusively represent ownership in the sale of 607 Knickerbocker Avenue – a mixed-use building in the Bushwick neighborhood of Brooklyn.
The ~2,320 SF property consists of two free-market apartments and one retail store. One of the residential apartments is ~1,100 SF (full floor) and the second residential apartment has private backyard access.
The property is 100% Free Market and VACANT and needs renovation.
After renovation, the property will have a gross rent roll of ~$120,000/year and has very low expenses. The annual taxes are $5,381/year and the property is tax class protected. The property is being offered at $474/SF and ~7.6% Cap Rate.
The property is ideally located in close proximity to both the L & M trains (Myrtle-Wyckoff Station). The property also benefits from being in the heart of Bushwick located near many of the best restaurants, bars, cafes and nightlife that Brooklyn has to offer.
Asking Price: $1,100,000
The ~2,320 SF property consists of two free-market apartments and one retail store. One of the residential apartments is ~1,100 SF (full floor) and the second residential apartment has private backyard access.
The property is 100% Free Market and VACANT and needs renovation.
After renovation, the property will have a gross rent roll of ~$120,000/year and has very low expenses. The annual taxes are $5,381/year and the property is tax class protected. The property is being offered at $474/SF and ~7.6% Cap Rate.
The property is ideally located in close proximity to both the L & M trains (Myrtle-Wyckoff Station). The property also benefits from being in the heart of Bushwick located near many of the best restaurants, bars, cafes and nightlife that Brooklyn has to offer.
Asking Price: $1,100,000
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
2,042 SF
Building Class
C
Year Built
1931
Price
$1,100,000
Price Per SF
$538.69
Cap Rate
7.60%
NOI
$83,600
Tenancy
Single
Building Height
2 Stories
Building FAR
1.46
Lot Size
0.03 AC
Zoning
R6 - Medium density residential district
Frontage
20’ on Knickerbocker Ave
Walk Score®
Walker's Paradise (93)
Transit Score®
Rider's Paradise (100)
Bike Score®
Biker's Paradise (92)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 03362-0127 | Improvements Assessment | $60,180 |
| Land Assessment | $10,500 | Total Assessment | $70,680 |
PROPERTY TAXES
Parcel Number
03362-0127
Land Assessment
$10,500
Improvements Assessment
$60,180
Total Assessment
$70,680
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7.6% Cap Rate Vacant Free-Market Mixed-Use | 607 Knickerbocker Ave
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