5,600 SF – Gut Renovated Mixed-Use Building in Bushwick
1131 Broadway
Bushwick
Closed 07/10/2019 at
$2,650,000 | $550/SF per SF
B13, B26, B38, B52, B54, B60
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Overview
TerraCRG has been retained exclusively to sell 1131 Broadway – a gut renovated mixed-use building located in Bushwick, between Dekalb Avenue and Kosciuszko Street.
The four-story, gut renovated building is ~ 5,600 SF including a 2,000 SF retail space and three residential units. The three condo-quality, floor-through apartments each have an ideal layout with four large bedrooms and two bathrooms.
The property is generating $178,200 in gross annual income and ~159,000 in NOI. At the asking price, the property equates to a 5.7% cap rate at $500/SF.
Attractions
Located on one of Brooklyn’s most active retail corridors, the property is located just one block from the J/M/Z train at Kosciuszko Street that provides a 10-12-minute commute to lower Manhattan.
The retail along this section of Broadway is very strong with art galleries, bars, and restaurants all in proximity to the property. Some renowned retailers include Good Work Gallery, The Living Gallery, Secret Robot Project, Lone Wolf and Brooklyn Whiskers.