Eight Unit Multifamily Building
693 6th Avenue
Closed 07/06/2015 at
$2,000,000
Three blocks from Prospect Expressway
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Overview
TerraCRG has been retained to exclusively represent ownership in the sale of 693 Sixth Avenue. The eight unit building is located in South Park Slope on Sixth Avenue just off the corner of 20th street. The property is 26′ wide and consists of eight residential units, two free market and six rent stabilized units. The asking price of $2.2 million represents just $365/SF.
There is tremendous upside in this asset as the average rent in the building is $23/SF. Renovated two bedroom apartments in the area rent for over $45/SF.
Park Slope/Windsor Terrace has become a destination for young professionals seeking more affordable housing accommodations with access to the same amenities offered in prime Park Slope, high-end food, coffee, entertainment and child care services.
The property is located one block from two of Brooklyn’s premier retail corridors, Fifth Avenue and Seventh Avenue. These avenues are lined with some of the boroughs best boutique stores, restaurants and coffee shops. The F,G and R trains are all within walking distance to the property. The building is also conveniently located three blocks from the Prospect Expressway, with access to all major highways.
Attractions
Park Slope South/Greenwood Heights is a neighborhood in the borough of Brooklyn that takes part of its name from the neighborhood proximity to the Green-Wood Cemetery. Greenwood Heights’ architectural mix of wood frame and brick homes gives the area an eclectic look and feel different from its neighbors Park Slope to the North and Sunset Park to the south. Post-rezoning, while new development sites have occurred there has been a new trend of home renovations, taking many of these neglected circa 1900 wood frame homes and restoring them to their turn of the century historical look.