Vacant 20 Unit Multifamily Building
459 Bay Ridge Avenue
Bay Ridge
Closed 2/20/2014 at
$4,300,000
Residential Units
20
Gross SF
13,050
Stories
4
Cross Streets
4th Ave & 5th Ave
Subways
n
r
✕
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Multifamily
459 Bay Ridge Avenue,
Bay Ridge
718-705-4461
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Details
Block_Lot
5864_59
Lot Size
50 ft x 100 ft
Building Size
50 ft x 87 ft
Building Class
C1
Lot SF
5,000
Zoning
R5B/BR
FAR
1.35
Overview
The vacant twenty unit building at 459 Bay Ridge Avenue is now offered for sale. The building is located on Bay Ridge Avenue between 4th Avenue and 5th Avenue in the Bay Ridge neighborhood of Brooklyn. The building is completely vacant. The projected gross annual income is ~$504,000 and projected NOI is ~385,000, With estimated renovation costs of $750,000, the property is expected to yield at least a 6.7% return upon stabilization. Bay Ridge was recently ranked as the 12th best neighborhood to live in all of New York City by New York Magazine based on affordability of rents, quality housing stock and close proximity to harborside jogging paths and parks. The property is one block from the R train at 69th Street and just one stop from the express N train at the 59th Street station, making the commute to Manhattan about 40 minutes.Attractions
The property is located in the heart of the Bay Ridge Commercial district, between the bustling 4th Avenue and 5th Avenue retail corridors, amongst the busiest in Brooklyn. There are several well-known national tenants on these corridors as well as an established presence of boutique stores, restaurants and coffee shops. The property is also just two blocks from Leaf Ericson Park, affording tenants access to ample open space and community playgrounds.
Fort Hamilton
Owl's Head Park
69th Street Pier
