16 Units On Franklin Avenue

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.