Overview

TerraCRG has been retained to exclusively represent ownership in the sale of the six-unit, multifamily building located at 862 Knickerbocker Avenue in the Bushwick neighborhood of Brooklyn. The building is located between Schaefer Street and Decatur Street, in close proximity to the newly improved Irving Square Park and just a few blocks from the Halsey Street & Wilson Street L train stations.

The brick building just underwent a full gut renovation from top to bottom. The property consists of 6 fully renovated, free market condo quality apartments. The first floor consists of 2 huge Duplex units that have backyard access. The 4 units on the second and third floors each have 2 bedrooms plus an office.

The renovation that was just completed was outstanding, costing approximately $800,000. Everything in the building is new, including new plumbing, electric, windows, staircases, heating/air conditioning, laundry room, security camera system etc. The staircase was also moved to convert the 2nd and 3rd floor units from railroad style units to front and back units.

The property has projected income of approximately $192,000 when fully occupied, which equated to approximately a 6.1% Cap. Rate. All four of the 2 bedroom units were rented out at $2,400/month. The property also has extremely low expenses as the utilities have been separately metered for each unit, including separate boilers for each unit.

The property is located in one of the most premiere areas for Bushwick development. It is in close proximity to Irving Square Park, which received over $300,000 in renovations and there are nighttime movie screenings scheduled this summer. The property is also in close proximity to many new luxury residential projects, including the Alhambra Theatre conversion project which will become 38 luxury dwelling units (with plans to keep some of the original exterior character of the theatre that built there in 1914).