Overview

TerraCRG has been retained to exclusively represent ownership in the sale of the mixed-use building at 51 5th Avenue in Park Slope. The fully occupied property consists of 6 residential units and 1 large commercial space across a total of 6,760 square feet. 5 of the 6 apartments are free-market and fully renovated, with condo-quality finishes and achieving an average rent of $90/SF. Each unit is a 2 bed-1 bath and has its own washer/dryer.

The 26-foot-wide building has low expenses as it is tax-class protected and the retail tenant, a popular dog-day care center (Lickers & Sniffers), covers a portion of the property taxes. The building also has significant long-term upside in the retail rent, with 5th Avenue rents exceeding $100/SF. The property has an annual gross rent roll of $424,414 and a net operating income of $360,096 after expenses.

51 5th Avenue is ideally located less than two blocks from Barclays Center and Atlantic Terminal, providing access to multiple transit lines, including the 2, 3, N, Q, R, 4, 5, B, D and LIRR. The property benefits from its proximity to both large, big box retailers and smaller thriving businesses. Big box retailers in the area include Shake Shack, Chick Fil A and Target. The neighborhood also has an abundance of popular restaurants including Ai Di La, Miriam, 5ive Spice, Sushi Katsuei, Convivium Osteria, Fausto and more.