253 Stanhope Street
909 Jefferson Avenue, Brooklyn, NY
Bedford-Stuyvesant
Closed at
$4,200,000
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718-395-1877
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Overview
The large 5,142 SF xi unit building contains 6 free market apartments. The entire property has been gut renovated. There are five newly renovated three bedroom units and 1 newly renovated duplex unit on the ground floor. Three of the units are occupied and three of the units are currently vacant. The building also has a new rubberized roof, new electric, new plumbing, individual boilers for each unit and central air (paid by tenants).
When fully leased the rental projection on the building is approx. $175,000/year. There is also significant upside on the rents as the three occupied units are rented below market value. The expenses are very low as each unit has its own individual boiler. The building offers a 6% Cap Rate (with upside) and does not require renovation.
Bedford Stuyvesant is one of the most dynamic real estate sub-markets in New York. Dollar volume for commercial transactions in Bed-Stuy has grown 4-fold from 2010-2013, with 2014 already on track to surpass 2013 numbers. It is quickly becoming a highly desirable first choice destination, rather than an affordable alternative to other neighborhoods. This building is located near many outstanding restaurants, bars and cafes, including Peaches Restaurant, Saraghina, Simplicity Wine Bar, Georges-Andre Vintage Cafe, Skytown Grill and Goodbye Blue Monday Lounge.
Attractions
Bed-Stuy has undergone serious development for two significant reasons. One was the affordable housing stock consisting of brownstone rowhouses and the other was the marked decrease of crime in the neighborhood. Some people believed positive neighborhoods changes would benefit all residents in the neighborhood, bringing with it improved safety and a demand for improved retail services along the major commercial strips. Now a diverse mix of students, hipsters, artists and architects of all races continue to move into Bed-stuy.