173 Bleecker St (276 Wilson Ave)
173 Bleecker Street, Brooklyn, NY, USA Map
Renovated Mixed-Use Apartments in Central Bushwick
Listing Price $3,275,000
| Status | Closed |
| Lease Type | N/A |
| Property Type | Mixed-Use |
| CAP Rate | 5.50% |
| GLA (Sq. Ft.) | 8,250 |
| NOI | $217,716 |
| Close Date | Nov 1, 2019 |
Investment Highlights
- Located in an Economic Opportunity Zone
- Value-add Investment Opportunity
- All Box Units with Windows Throughout
- Major Electrical Upgrades with New Risers
- New Boiler (with Computerized Temp Control) Installed in 2016
- Few-minutes Walk to the M and L Subway Lines
- Property has a Tax Class 2B with Restricted Increases
Investment Overview
173 Bleecker Street, ( AKA: 276 Wilson Avenue) Brooklyn, NY, 11221. (Block-Lot: 3297-34) and is located in an Opportunity Zone. The approximate 8,250 SF corner building is built 25 feet by 80 feet and sits on a 25 feet by 90 feet lot (2250 SF). It contains four stories of which the ground is occupied by two commercial tenants and one residential tenant and the top three floors contain two four-bedroom box apartments. One residential unit is currently vacant and both retail units are on a month to month basis. The building has been recently upgraded with a new boiler with computerized temperature control that was installed in 2016. Four of the seven residential units are individually metered and tenants pay for their own heat and hot water. The rear garage has access to a basement with high ceilings that is currently used as storage by ownership. If both are combined, higher rents may be realized. This is an opportunity to invest in an approximate 8,250 SF mixed-use residential corner property with achievable upside due the majority of the units being boxed four-bedroom units with windows throughout in a building at the threshold of becoming destabilized. Central Bushwick has gained huge demand and rental rates continue to increase as evidenced by the current and potential rent roll of the subject property.
