Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a six-story, mixed-use walk-up building located on the north side of South 3rd Street between Roebling and Havemeyer Streets.
The building consists of a ground floor retail unit with 17 residential units. All of the apartments are large 1-BRs most of which could be split into 2-BR units in the future. The retail is leased to Morena's Beauty Salon who has operated in the space for over 10 years and only pays $1,672 per month, or $36 per square foot. Morena's lease expires in less then three years offering future upside. The common areas of the building have been recently upgraded and the mechanical areas are kept in "broom-clean" condition.
The building is subject to a regulatory agreement with HPD that restricts all apartments to rent stabilization until 2036 however vacancy leases may be offered to prospective new tenants who fall under 80% of AMI as adjusted by household and size. In 2016, AMI is $63,500 for an individual and $90,600 for a family of four. The average in-place monthly rent is $1,239 or $26 per square foot which is approximately 50% of market.
It is located less than two blocks from the combined Lorimer Street L and Metropolitan Avenue G subway stop. Additionally, the property is only five blocks away from the Marcy Avenue J and M subway station offering one-stop access to Manhattan. This is a great opportunity to acquire a mixed-use building in the heart of Williamsburg with significant long-term upside.