Updated a month ago
In contract
Bushwick, Brooklyn | Bleecker Street & Menahan Street
3,300 Square FeetMixed Use

$1,399,000
floors / apts3 / 2
Lot Size20'x90'
Built Size20'x55'
ZoneR6
Building TypeLow-Rise
RE Taxes$5,844
Price Per SF
$424

Property Description

Three-unit, mixed-use, corner, 2 car garage, brick property for sale. There are 4 levels to this property with approximately 4,400sf sf (approximately 1,100sf each level, which includes unfinished basement). The property is 20ft x 55ft and is situated on a 20ft x 90ft lot and zoned R6, with available additional air rights of approximately 1,200sf. The building features two free market residential units with long-term tenants and one commercial unit on ground floor (which will be delivered vacant). The property is in Bushwick, few blocks to public transportation and Wyckoff Avenue shopping corridor. Great for owner user or investor, needs TLC. Currently, actual CAP rate is just over 5.25% and "projected" Cap Rate for this property is 7% to 9%, based on full asking price.

Listing History

Now
04/01/2022
Contract Signed by Aaron Ivatorov
eXp Realty BKNY
03/02/2022
$1,399,000
Initial Price by Aaron Ivatorov
eXp Realty BKNY

Building Details

OwnershipMixed Use
Building TypeLow-Rise
AgePre-War
AccessWalk-up
Year Built1899
Floors/Apts3/2
Learn More About the Building

Transit and Citi Bike

Subway

Myrtle-Wyckoff Avs
0.19 miles
Seneca Av
0.28 miles
DeKalb Av
0.3 miles
Knickerbocker Av
0.43 miles

Citi Bike

Menahan St & Wyckoff Ave
0.1 miles
Wyckoff Ave & Gates Ave
0.18 miles
11
70
0

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). 

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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: 83549TH