Overview

TerraCRG has been retained to exclusively represent ownership in the sale of the free market mixed-use building located at 65 Irving Avenue in the Bushwick neighborhood of Brooklyn. The building is located in the prime location of Irving Avenue between Starr Street and Troutman Street. It is one block from the Jefferson Street “L” station while being directly across the street from Maria Hernandez Park.

The four-story 5,906 SF building is 26.25 ft x 75 ft. It consists of five free market apartments along with a ground floor commercial space. The building’s huge configuration along with its interior shaft ways allow for 4 three-bedroom apartments and one studio apartment. Each apartment has eight windows. One of the large apartments and the commercial space will be delivered vacant.

The fully renovated retail space is 1,500 SF. The impressive tin ceiling is joined by 14-foot exposed brick walls. The 656 SF newly cemented backyard partners with a 1,969 SF basement. The basement has eight-foot high ceilings and a brand new four inch concrete slab. The retail space also has a new ADA compliant bathroom and imported floor tiles throughout. The building systems have been completely upgraded with new electrical service, individual electrical panels per apartment, Weil-McLain gas boiler, A.O. Smith hot water heater, stove gas pipes and a security intercom system.

All the residential units are free market with month to month tenants. The building currently is rented at below market rents and would produce approximately a $200,000/year gross rent roll with the current in place below market rents (which equates to a 6.9% Cap Rate). Projecting for market rate rents on the units, the building would gross approximately $232,000/year, which would equate to a 8.2% Cap Rate.