$1,200,000
Updated 14 years ago
Sold

344 Lorimer Street

East Williamsburg, Brooklyn | Montrose Ave & Meserole Ave

3,125 Square FeetMixed Use

$1,200,000
floors / apts2 / 2
Lot Size30'x75'
Building TypeLow-Rise
RE Taxes$11,862
Price Per SF
$384

This property was sold for $1,150,000 on 12/12/12.

Building Amenities

  • Voice Intercom

Property Description for 344 Lorimer Street

As exclusive representation for ownership, Living Real Estate Group is proud to present a prime, 3125 sqft mixed use building in the red hot East Williamsburg area. Located on Lorimer Street between Meserole St and Montrose Ave, just steps from Steinberg park, this property is an ideal investment opportunity, user building, or live + income situation. 344 Lorimer Street is a two story walk-up apartment building consisting of two residential one bedroom units and a large ground floor, fully vented restaurant space that can be delivered vacant. The current rents are all below market. Additional FAR provides for more upside by adding additional floor(s) to the building Projected rents provide for an over 6% cap rate with the current configuration. Being only a couple blocks to the L, M, and G trains provides easy access to Manhattan, South Brooklyn and Queens. East Williamsburg is a thriving neighborhood with great restaurants, bars, and shopping.

Building Details for 344 Lorimer Street

OwnershipMixed Use
Building TypeLow-Rise
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Floors/Apts2/2
Learn More About the Building

Transit and Citi Bike

Subway

Broadway
0.14 miles
Lorimer St
0.23 miles
Hewes St
0.28 miles
Metropolitan Av
0.42 miles
Montrose Av
0.44 miles

Citi Bike

Scholes St & Lorimer St
0.08 miles
Leonard St & Boerum St
0.13 miles

Contact Agent

Contact Agent

John Clemente
Living New York

East Williamsburg | Brooklyn

Quick Profile

East Williamsburg is a mixed industrial neighborhood in Brooklyn, with many working factories that make everything from beer and wontons to clothing and concrete. You are likely to hear screeching, pounding and the deep thump of industrial machinery throughout the day. East Williamsburg has become a haven for artists and musicians of every description, who are attracted to the large open loft spaces of the converted industrial buildings. The area has attracted a younger crowd of 20- and 30-somethings that are drawn by affordable rents and a generally lower cost of living.

There is a rich history of immigrants from Puerto Rico and Italy, and oddly enough, they chose to settle on opposite ends of Graham Avenue, with the Italians on the north and the Puerto Ricans on the south.

Housing in the area consists of mid-rise apartment buildings, row houses, and public housing complexes. There are also smaller multi-family apartment buildings available. Lofts are becoming more prevalent as the older, abandoned factory buildings come up for sale and are converted into residential properties. 

East Williamsburgfairly pulses with a creative vibe. There are unique shopping venues, numerous tiny coffee shops, interesting restaurants, and cafes, along with food trucks that frequent the area. The grocery stores are affordable and carry a wide variety of goods that appeal to the eclectic tastes of the neighborhood residents.

There is a vibrant bar scene, where you will find mostly local residents imbibing, so it is easy to make friends among your neighbors if you stop in frequently at your favorite watering hole. There are many interesting shops, bars and restaurants tucked in amongst the warehouses and factories. Many do not invest in elaborate signage, so it can be difficult to find some of the best spots. Keep an eye out for hand-painted signs on the sides of buildings with arrows pointing to nondescript, nearly invisible entrances.

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 45273TH