5 Units – Free Market Mixed Use Building For Sale
332 Central Avenue
Bushwick
Closed 05/30/2013 at
$960,000
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718-395-1877
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Overview
The 5 Unit Mixed use property located at 332 Central Avenue is now offered for sale. The property is located on Central Avenue between Bleecker Street and Menahan Street in the Bushwick neighborhood of Brooklyn.
The 4,500 SF building consists of 4 free market residential apartments and 1 ground floor commercial space. The restaurant in the commercial space is paying $2,137/month with 4% increases each year for the length of the lease (there is approximately six years left on the lease). When renovated the building has rent potential of over $130,000/year (currently the rent roll is approximately $68,000/year).
The property is conveniently located within close proximity to the newly renovated Knickerbocker Avenue M Train station. The property is also located across the street from St. Barbara’s Church – one of Brooklyn’s most beautiful churches, which provides excellent foot traffic for the retail tenants on the block. Many new retailers are flocking to Central Avenue., including: coffee shops (Central Cafe), Restaurants/Wine Bars (Bushwick Kitchen), Wine Shops (Henry’s Wine & Spirit) and Artist Galleries/Stores (Low Brow Artique).
Attractions
The property is ideally located in one of the most desirable locations in Bushwick. The retail development in this location has exploded with some of the best restaurants, bars, cafes and shops opening in the immediate vicinity, including: Mominette French Bistro, Northeast Kingdom, Tandem Bar, Hanna Natural Organic Market and Wine Shop, The Cobra Club, Green Street Salads and Miles Bar.