$2,750,000
Updated 4 years ago
Sold

348 Knickerbocker Ave

Bushwick, Brooklyn | De Kalb Ave & Stockholm Street

12 Rooms6 Beds4 Baths5,385 Square FeetMixed Use

$2,750,000
floors / apts3 / 4
Lot Size25'x100'
Built Size25' wide
ZoneR6
Building TypeLow-Rise
RE Taxes$36,156
Price Per SF
$511

Property Description for 348 Knickerbocker Ave

Prime mixed-use building representing a turnkey investment. Located in Bushwick and centrally positioned on Knickerbocker Ave close to many restaurants, shops and the L and M train lines. This property features 4 free market rentals over a commercial space generating $193,000 in income at a 5.4% cap rate. There is also upside potential to renovate further increasing the rent roll. All apartments were gut renovated in 2008 during which time plumbing and electrical upgrades were also made. The building is configured as two JR4 (1-bedroom + home office) 1 bath apartments, and two 2-bedroom 1 bath apartments. The third-floor apartments both feature two skylights providing a desirable and light filled living space. All apartments are well maintained and in great condition. The roof has been well maintained and the setback portion of the roof above the commercial space was completely replaced in 2018. The roof above the 3rd floor apartments has been well maintained and was resealed and repainted in 2015. Additionally, each apartment has its own boiler system that was installed in 2009. Tenants pay for their own heat and electricity which keep the operating expenses low. The commercial tenant occupies the ground floor and has been in place since 2018 with a longer term lease until 2028. A complete setup is available upon request.

Listing History for 348 Knickerbocker Ave

Now
04/07/2022
Sold and Closed by Amanda McAvena
Compass
02/01/2022
Contract Signed by Amanda McAvena
Compass

Building Details for 348 Knickerbocker Ave

OwnershipMixed Use
Building TypeLow-Rise
AgePre-War
AccessWalk-up
Year Built1931
Floors/Apts3/4
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Bushwick | Brooklyn

Quick Profile

As one of the most diverse neighborhoods in New York, Bushwick offers a perfect snapshot of just how multicultural the city is. Long-established as an amalgam of cultures and ethnicities, a wave of varying types of immigrants trickled in from the seventeenth to twentieth centuries, with Bushwick largely becoming a home to Hispanics of Puerto Rican and Dominican backgrounds by the latter part of the twentieth century. 

With the Bushwick Initiative of the mid-00s that aided in revitalization, it became an attractive area to young professionals and artists. And even now, Bushwick has sustained affordable rent prices where other North Brooklyn counterparts, like Williamsburg and Greenpoint, have become more expensive. Priding itself on the weird and the wacky, numerous art collectives thrive in this part of Brooklyn, once famously named the seventh coolest neighborhood in the world by Vogue. 

Though it has drawn in many tourists in recent years (there’s even a graffiti tour you can take from the Bushwick Collective), the neighborhood remains very much community-oriented, and has not been subject to quite the same sort of corporate infiltration phenomenon of its nearby Williamsburg environs. 

But yes, of course, Bushwick has come a very long way from its 80s and 90s reputation as being “The Well,” a nickname given to it for its free-flowing and widely available amount of drugs (quantity over quality being the cliche applied here). 

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: 82661TH