Sixteen-Unit Multifamily Building
146 Fenimore Street
Lefferts Gardens
Closed 10/09/2015 at
$5,050,000
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718-395-1877
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Overview
TerraCRG has been retained to exclusively represent ownership in the sale of 146 Fenimore Street. The sixteen-unit building is located on Fenimore Street between Flatbush Avenue and Bedford Avenue in the Prospect Lefferts Gardens neighborhood of Brooklyn.
The 17,400 SF walk-up building is comprised of eight large 2-bedroom and eight 4-bedroom apartments. The property grosses approximately $331,077 annually and the NOI is ~$234,544. The asking price of $5,250,000 equates to just $302/SF.
There is upside in the asset in both the income, rents average $22/SF in a $40/SF market as well as the neighborhood Hudson Companies’ 254-unit residential tower at 626 Flatbush Avenue is one block away and is expected to continue to attract the influx of young students and families seeking housing close to Prospect park.
The portion of the Flatbush Avenue Retail Corridor adjacent to the property also has seen considerable growth in recent years. Residents priced out of more expensive Brooklyn neighborhoods have migrated to Prospect Lefferts Gardens to be close to Prospect Park, the Flatbush Avenue retail corridor and the express B & Q trains to Manhattan.
The Q express train was recently rated the best subway line in the city and provides access to Manhattan in just 30 minutes. The building is just a few blocks from the B,Q and S trains at both the Parkside Avenue and Prospect Park subway stations as well as the 2 & 5 subway at the Winthrop Station.
Attractions
Prospect Lefferts Gardens is a neighborhood that offers some of the city’s best example of turn-of-the-century architecture at a fraction of the price for homes in Park Slope on the other side of Prospect Park. Prospect Lefferts Gardens is most notable for its housing in the historic district. Depending on the street, the stone row houses might swallow up a whole block or be mixed in with spacious Victorian frame homes.