Overview

The 16 unit property located at 125-127 Evergreen Avenue is now offered for sale. The property is located on Evergreen Avenue between Jefferson Street and Troutman Street in the Bushwick neighborhood of Brooklyn.

The buildings produce gross annual income of approximately $217,000/year. The rents are significantly below market value as 14 of the 16 units are rented for just over $1,000/month; similar sized renovated apartments in this location are renting for at least $1,700/month. Aggressive management would allow new ownership to take advantage of Bushwick’s booming rental market and achieve the property’s full upside potential. The buildings have 1 vacant unit and both buildings have brand new gas boilers.

The property’s prime Bushwick location also offers the following benefits:

• Located within a 15 minute subway ride to Manhattan and walking distance to Williamsburg. The buildings have easy access to the L train at Morgan Avenue and Jefferson Street and the JMZ Train at Myrtle Avenue;
• Located near several new development projects, including the 146 unit CastleBraid luxury rental building around the block; this project is widely considered one of the most successful developments in Bushwick;
• Located within close proximity to the many new bars, restaurants, art galleries and music venues opening in the area, including the planned opening of an 80,000 SF retail and nightlife complex a few blocks from the property;
• Located in one of the best areas for rent growth in New York