4 Story multifamily building in Boerum Hill
274-276 Dean Street
Boerum Hill
Closed 11/16/2017 at
$8,600,000
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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,
Attractions
There are very few large multifamily buildings in close proximity to Court Street, Smith Street, Atlantic Terminal and Atlantic Avenue. The proximity of the building to these major retail corridors provide tenants with easy access to a variety of retail shops, bars and restaurants rivaling any Manhattan neighborhood. The property is also just two blocks away from the Atlantic Terminal with access to the D,N,R,B,Q,2,3,4,5 subway lines and the LIRR, making the commute in and out of Manhattan just 15 minutes.