16 Units On Franklin Avenue
851 Franklin Avenue
Crown Heights
Closed 02/11/2014 at
$3,250,000
LIRR
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718-768-6888
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Overview
TerraCRG has been retained to exclusively represent ownership in the sale of the multifamily building located at 851 Franklin Avenue, between Union Street and President Street, in the Crown Heights neighborhood of Brooklyn. The fully occupied 16 unit building consists of 15 one-bedroom apartments and 1 two-bedroom apartments. 9 of the units are free-market. The gross revenue is over $282K a year and the NOI is over $187K a year, with average rents in the building at $1,469/unit.
Crown Heights and Prospect Heights have seen tremendous transformation over the last decade with many condo developments, strong retail and a robust brownstone sales market that is rivaling neighboring Park Slope, In just a few years, rents have risen from $25/SF to $45/SF, and are poised to reach $50/SF and above within the next two years. As a result, Franklin Avenue is now seeing a strong retail market with the addition of new restaurants and boutiques servicing the new demographic.
Attractions
The building is located just one block off Eastern Parkway and the 2,3,4, & 5 subway lines at the Botanic Garden/Franklin Avenue subway station, and just a short distance from the Botanical Gardens, the Brooklyn Museum and Prospect Park. The property is only one stop from the Barclays Center with access to the D,N,R,B,Q Trains plus the LIRR, making the commute in and out of Manhattan only 15 minutes.