Six-Unit Corner Mixed-Use Building

Overview

TerraCRG has been retained to exclusively represent ownership in the sale of 703 Rogers Avenue. The six-unit mixed-use building is located on Rogers Avenue at the corner of Lenox Road in the Prospect Lefferts Gardens neighborhood of Brooklyn. This offering presents an opportunity to acquire 136' of frontage on a main retail corridor with four parking spaces. The building also offers over 5,500 SF of air rights. The 5,839 SF walk-up building is comprised of five large three-bedroom apartments as well as a retail space occupied by a salon situated directly adjacent to the bus stop. There is also space for parking up to four cars. The property grosses approximately $134,550 annually and the NOI is ~$015,230. The asking price of $2,250,000 equates to just $385/SF. There is upside in the asset in both the income, rents average $22/SF in a $40/SF market, as well as the neighborhood. New luxury developments in the area, such as Hudson Companies' 254-unit residential tower at 626 Flatbush Avenue, 123 Parkside, 111 Clarkson Avenue and 271 Lenox Road, with 56 luxury units just one block away, are expected to continue to attract the influx of young students and families seeking housing close to Prospect Park. The building is located just two-three blocks from the 2 and 5 trains at both the Winthrop Street and Church Avenue subway stations as well as walking distance to the Q train at Parkside Avenue, providing service to lower Manhattan in under 20 minutes.