Free Market Corner Mixed-Use Property in Bushwick
219 Irving Avenue
Bushwick
Closed 01/07/2020 at
$2,180,000 | $507/SF per SF
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718-395-1877
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Overview
TerraCRG has been retained to exclusively represent ownership in the sale of 219 Irving Avenue, a free-market corner mixed-use property in the Bushwick neighborhood of Brooklyn.
Located on the corner of Irving Avenue and Harman Street, 219 Irving Avenue is 5,300 SF set on a 25 ft x 100 ft lot and consists of five residential units, one commercial unit, and four garages. The residential units will all be delivered vacant and the commercial lease is expiring next year – all allowing for immediate upside on the investment. After a gut renovation, the property has a projected annual rent of ~$242,400 and an NOI of $211,544.
Attractions
The building is located within one of the most prime sections of Bushwick, just two blocks from the M train at Knickerbocker Avenue and five blocks from the L train at Dekalb Avenue. It is also within a short distance of Maria Hernandez Park and the Wyckoff Heights Medical Center. There are five luxury new construction buildings on this specific block and many more in the near vicinity, including the renown Glassworks Bushwick building.
Retail in this location has exploded bringing some of the best restaurants, bars, cafes and clothing stores opening in the immediate vicinity. Nearby retailers include Blink Fitness, Pizza Party, Dromedary Urban Tiki Bar, Boobie Trap, Variety Coffee Roasters, Milk & Pull Coffee Shop, Bootleg Bar, and Darlings to name a few.