Cushman & Wakefield has been retained on an exclusive basis to arrange for the sale of a 4 story, approximately 14,615 gross square foot residential property located at 385 Vernon Avenue in Brooklyn. The property is situated on the north side of Vernon Avenue between Lewis and Stuyvesant Avenues just one block south of the bustling Myrtle Avenue corridor in Bushwick. With the temporary closing of the L Train and an increase in demand for living spaces in proximity to Brooklyn’s other gateways into Manhattan, the central location of 385 Vernon Avenue less than one block from the Myrtle Avenue express subway station will add tremendous value and upside in the coming years. 385 Vernon Avenue presents an incredible opportunity for an investor seeking a turn-key, newly renovated property featuring significant in-place income within one of Brooklyn’s most desirable residential enclaves.
Built in 2009, the fully free market property benefits from tremendous light and air on all four sides due to its construction on only a portion of the lot, as well its location directly west of the John the Baptist Community Garden. The 16 unit building consists of thirteen (13) three-bedroom apartments, all but one of which are renovated, and three (3) two-bedroom apartments, two of which are renovated. Additional upside exists in the renovation of the two remaining residential units, which are both well below market. Additionally, potential purchasers will benefit further from laundry income and parking income, given the existing curb curt and six lined parking spots at the rear of the property.
In addition to renovating nearly all of the residential units, current ownership has heavily invested in capital improvements for the building, positioning the property in excellent condition for potential purchasers. Among the capital improvements carried out over the course of 2016 include roof replacement, stair work, basement storage closet build out, and installation of a virtual doorman and security cameras.
The subject property is located in Bushwick, which has emerged in recent years as one of Brooklyn’s most popular and rapidly growing neighborhoods. Residents have flocked to the area due to its proximity to ultra-hip Williamsburg, situated directly to the west. The vibrancy of the area has attracted cutting edge retailers, dining and nightlife hotspots, art galleries, and scores of other creative businesses, driving demand and rents increasingly higher.
A further draw to the neighborhood is its convenient transportation options to Manhattan, Queens, and throughout Brooklyn. With the temporary closing of the L train, 385 Vernon Avenue is positioned in an ideal location less than one block away from the and trains, which will see service nearly double over the next two years. The Myrtle Avenue express subway station provides express service to Essex Street in Manhattan in only 10 minutes via the and trains. At the same subway station, the M train provides access to Herald Square in Midtown Manhattan in only 30 minutes. Additionally, the Myrtle Avenue – Willoughby Street subway station, just six blocks from the subject property, services the G train and provides access to Bedford-Stuyvesant, Downtown Brooklyn, and other South Brooklyn neighborhoods, as well as Greenpoint and Long Island City to the north. The subject property represents an ideal opportunity for an investor looking to benefit from substantial in-place income with remaining upside in one of Brooklyn’s fastest growing neighborhoods.