Overview

TerraCRG has been retained to exclusively represent ownership in the sale of the mixed use building located at 406 Tompkins Avenue in the Bedford Stuyvesant neighborhood of Brooklyn. The building is located between Jefferson Avenue and Hancock Street, only four blocks from the Kingston – Throop C Train Station. The building presents the extremely unique opportunity to obtain a vacant 8 unit building, which is almost impossible to find in this location.

The four story brick building consists of 8 units (7 residential units and 1 ground floor retail space). The entire building will be delivered vacant. 6 of the residential units are large one bedroom units and 1 of the residential units is on the ground floor with backyard access (and the potential to be duplexed). The building layout is front and back units, which allows for the opportunity to increase the number of bedrooms in each unit.

The property has rent potential of approximately $195,000/year and a projected NOI of approximately $160,000/year, which equates to a 7.3% Cap Rate. The property is also located in the heart of one of the most rapidly increasing rental markets in the country.

The property is in an ideal residential and retail location within close proximity to some of the best restaurants, bars and retail stores in Brooklyn. The property is across the street from Peaches HotHouse Restaurant and a few blocks from Sincerely Tommy (a new high-end women’s fashion retailer), Eugene & Co. (a new farm to table restaurant with a chef from Le Bernardini), Saraghina Restaurant and Georges-Andre Vintage Cafe to name a few. The building is also surrounded by many new luxury development projects, including a brand new conversion development half a block away at 414-416 Tompkins Avenue. The property also allows easy access to Manhattan by subway in approximately 15 minutes