~10.3% Cap Rate ($87/SF) Two 6-Unit Buildings | East New York

Overview

TerraCRG has been exclusively hired to represent ownership in the Deed in Lieu of Foreclosure sale of 456 & 460 Grant Avenue in the East New York section of Brooklyn.  Each building is 28 ft x 68 ft and contain 6 units each. In total, the buildings consist of 12 residential units and ~11,424 SF. The buildings are located 1.5 blocks from the A subway station on Grant Avenue. The buildings are located in very close proximity to the J and Z subway stations on Cresent Street. The buildings have an in-place rent roll of $198,215/year and have lower expenses as the buildings are under Tax Class 2A – tax protection. At the asking price of $995,000, the property is offered at ~10.3% Cap Rate, $87/SF, $83K/Unit and 5 GRM.