Six-Unit Building in Cypress Hills

Overview

TerraCRG has been retained to exclusively represent ownership in the sale of the multifamily building at 53 Arlington Avenue in the Cypress Hills neighborhood of Brooklyn. The property is one block from the J and Z trains at the Van Siclen Avenue station and in close proximity to the A, C and L trains at the Broadway Junction station. The oversized brick building contains six units that are currently set up as railroad style apartments. However, at 27.5 ft x 75 ft, the building's huge dimensions allow for the possibility of converting the units to three-bedroom apartments. The building is in good condition. Four of the six units have brand new kitchens (with stainless steel appliances) and new bathrooms. All the units have their own hot water tanks, which assist in keeping the expenses down. At the asking price, the property is being offered at $238/SF and ~6.1% Cap rate. The building also has tremendous upside particularly with the possibility of re-configuring the units to three-bedrooms and achieving rents in the $2,400/month range (approximately 70% higher than the current rents).