229 South 3rd Street

Williamsburg, Brooklyn, New York 11211

$5,950,000  

Listing ID Number

24873

Property Description

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.

Overview

Building Type:Mixed-Use Investment Buildings
Location:Williamsburg
Block/Lot:2420/34
Lot Dimensions:27.5' x 100'
Lot Sq Ft:2,750
Stories:6
Residential Units:17
Commercial Units:1
Zoning:R6 / C1-3
Narrow Street
Building Sq Ft:11,500
Building Dimensions:27.5' x 87.5'

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

James P. Nelson
Vice Chairman
(212) 660 7710
james.nelson@cushwake.com

Brendan Maddigan
Executive Managing Director
(718) 307 6507
brendan.maddigan@cushwake.com

Ethan Stanton
Associate Director
(718) 307 6553
ethan.stanton@cushwake.com

Mitchell Levine
Director
(212) 660 7761
mitchell.levine@cushwake.com

Brandon Polakoff
Associate Director
(212) 660 7755
brandon.polakoff@cushwake.com


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Aerial View


The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.