4 Story multifamily building in Boerum Hill

Overview

TerraCRG has been retained to exclusively represent ownership in the sale of 274-276 Dean Street. The property is a pre-war multifamily asset in the heart of Boerum Hill, within walking distance to three of Brooklyn’s premier retail corridors Court Street, Smith Street & Atlantic Avenue.  The building consists of 16 large rental units on Dean Street, between 3rd Ave & Nevins St.   The property is 94% leased with total Gross Annual Revenue of $507,355 and a Net Operating Income of $393,392.   The assets offer significant upside as 50% of the units are rent-stabilized with rents that are 70% below market. The average rent-stabilized rent is $1,257/month where a similar free-market unit is achieving north of $3,500/month. Boerum Hill continues to be one of the strongest and most established sub-markets in New York City, yet there is still a shortage of supply to satisfy the demand for large 2BR and 3BR rental units. Across the building there are 11 large two-bedroom apartments and 5 large three-bedroom apartments,