Updated 5 years ago
Sold
274 Hall Street
Clinton Hill, Brooklyn | Willoughby Ave & De Kalb Ave
2 Baths2,900 Square FeetMixed Use
$1,775,000
floors / apts2 / 3
Lot Size28'5"x57'
ZoneR6B
Building TypeTownhouse
RE Taxes$3,922
Price Per SF
$612
This property was sold for $1,775,000 on 01/14/22.
Building Amenities
- Voice Intercom
Property Description for 274 Hall Street
Calling all savvy investors: this is a rare opportunity to own a mixed-use building in the center of Clinton Hill. Just around the corner from the subway, right across the street from Pratt Institute, 274 Hall Street has been a great investment for the sellers for decades. On the market for the first time, 274 Hall Street comprises a 1500 square-foot restaurant on the ground floor topped with 1400 square feet of residential space. The first floor has always housed a successful restaurant, and after severe competition to acquire the space last year, it now houses Rosalu Diner, which has been overwhelmingly well-received by the neighborhood. Rosalu completely renovated the ground floor and has a ten-year lease with an option, insuring strong income to a new owner for years to come. The second floor is presently vacant and in need of a gut-renovation--reflected in the asking price--but has tremendous potential as either two one-bedroom rental apartments or 1400 square feet of personal residence. The nearby presence of Pratt and subway transportation creates maximum rental appeal in one of Brooklyn's most prized neighborhoods. With 9.5-foot ceilings and 1400 square feet in which to roam, it could become a wonderful home as well.
Projected income is north of $130,000 annually, and the building has exceedingly low expenses. The commercial component pays 50% of the RE taxes, already uncommonly low at $3632 per year, as well as 70% of the water/sewer charges. The NOI should be $130,000 annually, rising at least 3% per year from the rent escalation of the commercial lease alone. The renovation of the second floor has been priced at $182,500 by professional contractors, so including that cost in addition to the purchase price should still equate to a 6% annual rate of return for a new owner. Finding a true cap rate over 5.5% in Brownstone Brooklyn is extremely rare. Offering memorandum available to all interested parties.
Listing History for 274 Hall Street
Now
01/14/2022
$1,775,000
Sold and Closed by Dan Brady
Corcoran
2022
Building Details for 274 Hall Street
OwnershipMixed Use
Building TypeTownhouse
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1930
Floors/Apts2/3
Transit and Citi Bike
Subway
Clinton-Washington Avs
0.15 miles
Classon Av
0.29 miles
Clinton-Washington Avs
0.47 miles
Citi Bike
Lafayette Ave & St James Pl
0.11 miles
Willoughby Ave & Hall St
0.13 miles
Clinton Hill | Brooklyn
Quick Profile
Tucked behind the Brooklyn Navy Yard in central Brooklyn is the quiet residential neighborhood of Clinton Hill. Once a strictly working-class neighborhood, Clinton Hill has become known for its elegant brownstones and stately mansions that were built as Manhattanites crossed the East River in the 1920s in search of the supposed health benefits that came from living “on the hill,” which has an elevation of 95 feet. Now you will also find newer luxury apartment and condo buildings interspersed throughout the neighborhood.
The Pratt Institute and St. Joseph College give the area a certain energy that comes from having a college in your town, while it’s leafy streets, some with their original cobblestones, and slower pace attract young families. Millennials and professionals are flocking to Clinton Hill in search of a reasonably priced neighborhood that offers both nightlife and an easy commute to Manhattan. Clinton Hill is a beautiful neighborhood with a suburban feel and firm roots in its past that also offers plenty of urban amenities.
New businesses are showing up in Clinton Hill on a regular basis, adding to the current proliferation of coffee shops, restaurants, and bars. As the population changes, new entertainment and nightlife venues are migrating to the area to meet the demand. Barclays Center is within easy walking distance, offering exciting sporting events and concerts.
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: 82307TH
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