A DOUGLAS ELLIMAN & PETERS/O'BRIEN TEAM EXCLUSIVE
733 Bushwick Ave. is a three (3) story multi-family investment property comprised of five (5) free-market apartments configured as one-bedroom and two-bedroom (1BR & 2BR) units, with a three-bedroom (3BR) duplex on the ground level - combined bringing in approx. $147,000/yr from the existing rent roll. Located in prime Bushwick, Brooklyn, the building is approx. 4,320SF and has been recently updated with new electric, roof, boiler & plumbing. All units come stylishly remodeled with brand new kitchens, updated baths, hardwood floors, and washer/dryer in units. Delivered fully occupied with an actualized cap rate of 5.38% OR a net operating income (NOI) of $115,750/yr after expenses.
A sprawling neighborhood, Bushwick was once part of Brooklyn previously known as the beer capital of the U.S. in the late 1800's, with over 45 breweries in the area alone! This led to Bushwick Ave. being known as "Brewers' Row", where industry moguls built massive homes. Today, Bushwick is in the nexus of all things "hip" in North Brooklyn and has become known as an artists' enclave - with over 50 galleries and hundreds of artist's studios dotting the neighborhood. Beautiful street art dominates the landscape with some of the largest known names represented (Banksy, Shepard Fairey, ROA).
733 Bushwick Ave. is located only a few blocks from the J/M/Z trains and nearly 7 acres of outdoor park space at Maria Hernandez Park. Surrounded by galleries, restaurants, coffee shops, bars, & shopping along Myrtle and Broadway with nearby favorites like Roberta's, Tina's Place, Lucy's Vietnamese, Little Skips, Lone Wolf, Silent Barn, Little Mo, and Bossa Nova. Residents would swear that a new coffee shop or bar is popping up weekly!
