Cash Flowing Commercial Property in Prospect Heights
603 Bergen Street
Prospect Heights
Closed 06/04/2019 at
$5,200,000 | $520 per SF
B69, B65
LIRR
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Overview
TerraCRG has been retained to exclusively represent ownership in the sale of 603 Bergen Street in Prospect Heights, Brooklyn. The offering represents a rare opportunity to acquire a cash-flowing commercial property in a neighborhood that is experiencing incredible growth with new residential and office developments on the rise.
The property is a fully renovated, 18-unit, commercial building, located between Vanderbilt and Carlton Avenues. The two-story, M-zoned property is comprised of ~10,000 SF and is fully occupied at an average rent of $41/SF. At the current NOI, this unique property is being offered at a 5.65% CAP Rate.
Attractions
Over the last decade, Prospect Heights, situated between Park Slope and Crown Heights, has become one of NYC’s most popular neighborhoods to live and work in. Just one block away is Pacific Park, the six-billion-dollar development project which will include approximately 17 high rise buildings for residential, mixed-use, and office space spread over 22-acres upon completion. The property is in the heart of thousands of new residential units and a plethora of retail activity.
603 Bergen Street is within short distance to several subway lines including the C train at Clinton-Washington, the 2, 3, B, and Q trains on Flatbush Avenue, as well as Barclays Center – Atlantic Terminal, servicing the 2, 3, 4, 5, B, D, N, Q, R, trains and the LIRR.