Newly Renovated 5 Unit Corner Building
328 Marcus Garvey Boulevard
Bedford-Stuyvesant
Closed 09/07/2014 at
$2,050,000
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718-395-1877
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Overview
TerraCRG has been retained to exclusively represent ownership in the sale of the mixed use building located at 328 Marcus Garvey boulevard in the Bedford-Stuyvesant neighborhood of Brooklyn. The brownstone building is located on the corner of Marcus Garvey Boulevard and Madison Street, in very convenient proximity to the Throop Avenue C Train.
The four story, 5,700 SF corner building consists of three residential units and two retail stores. Each residential unit is 1,300 SF and consists of 4 bedrooms and 1.5 baths. The residential units have been gut renovated from top to bottom with high end finishes in the kitchens and baths, new floors, moldings, fixtures, granite countertops and stainless steel appliances. The residential units also have washer/dryer connections and each unit has a separate boiler and hot water heater. The residential units will be delivered vacant.
The building has 1,800 SF of retail space divided between 2 stores. One store is occupied by a delicatessen that pays $2,600/month and also pays their own heat and electric bills. The second store will be delivered vacant and is also separately metered for utilities. Each store has its own segregated basement space with full ceiling heights. The property is perfectly configured with the retail entrance located on Marcus Garvey Boulevard, a prime, busy retail corner, and the residential entrance located on Madison Street, a beautiful brownstone block.
When occupied, the gross rental projection for the property is approximately 175,000/year. The building would also have very low expenses as all the utilities are separated. The projected Cap Rate is 6.6%. The building also has a new rubberized roof, 75% of the windows have been replaced and the building common areas are fully renovated.
Attractions
The property is conveniently located in close proximity to the C train at the Kingston-Throop Station and near many new and exciting cafes, restaurants, and bars that are opening in the area and is directly across from Raymond Bush Playground. Ideally located near Restoration Plaza, which has become a center point of retail growth in the area, it allows for tenants to have easy access to many national retailers including Foodtown Supermarket, Citibank, Chase Bank, Applebee’s, and Duane Reade. Additionally, the property is a short distance from many new popular retailers, including Saraghina Restaurant, Georges-Andre Vintage Cafe, Crocus Cafe, Celestino Restaurant and Simplicity Wine Bar.