Overview

TerraCRG has been retained to exclusively represent ownership in the sale of 139 Nevins Street, a mixed-use building in Boerum Hill tucked among quintessential brownstone streets and small neighborhood retail. This three-story, 3,094 SF building offers the opportunity to obtain a property in one of Brooklyn’s prime neighborhoods with a strong in-place commercial tenant.

The building consists of two floor through residential units above a commercial space occupied by The Language and Laughter Studio, a language immersion center for children that has become a fixture in the area. The commercial space was fully renovated within the last two years. One of the units is owner-occupied, has been fully gut renovated, and will be delivered vacant. When occupied, the building will generate a gross annual income of ~$146,436 and an NOI of $121,283. At the asking price, the property equates to a 7% cap rate (~565/SF), a rare return for such an established neighborhood.