Overview

TerraCRG has been exclusively retained to represent ownership in the sale of 281 3rd Avenue, a mixed-use building in the heart of Gowanus. Located between Carroll and President Street, the property consists of 2 free market apartments and one retail store occupied by a Nail Salon.

The residential units are rented on a month-month basis and have substantial upside on the rents. The 2,531 SF property has very low expenses as it is in protected tax class 1. It currently has a gross annual income of ~$111,000 and a net operating income of ~$93,000 after expenses.

Located in the bustling neighborhood of Gowanus, the property is near multiple recently completed new construction rental developments and sits close to the 4th Ave R train and half a mile from Atlantic Terminal.