Commercial Building - Brooklyn, NY
Strong financials and meticulous renovations make this seven-unit brownstone in the desirable Clinton Hill Historic District a fantastic turnkey investment opportunity. This 3,060-square-foot historic home consists of a stunning three-bedroom duplex unit with finished basement and garden access plus six studio rentals (one rent stabilized) above. Each unit has been beautifully redesigned and upgraded to create stylish living spaces with beautiful hardwood oak floors, high ceilings, exposed brick walls and lots of natural sunlight. Chic bathrooms include gorgeous tile and chrome fixtures, and kitchens boast custom cabinetry and stainless steel appliances, including dishwashers. Split ductless heating and cooling systems ensure year-round comfort. With a projected rent roll of nearly $190,000 and a net operating income of over $150,000 per annum, 299 Vanderbilt Avenue offers the rare opportunity to invest in a fully renovated small building at a strong rate of return and a cap rate of approximately 5.8 percent. Designed in 1880 by prominent and prolific Brooklyn architect George Morse, the building is one of a row of three handsome Neo-Grec brownstones featuring high stoops, decorative carvings and bold cornices. Located on a tree-lined block between DeKalb and Lafayette avenues, 299 Vanderbilt is ideally situated at the border of two of Brooklyn's most sought-after neighborhoods Fort Greene and Clinton Hill. Here, you're surrounded by the best of Brooklyn's fantastic dining, shopping and cultural offerings. Well-known restaurants and nightspots like Speedy Romeo, Mekelberg's, Roman's, Olea and Peaches Shrimp & Crab are within minutes; Fort Greene Park is four blocks away; and the fantastic attractions at Pratt Institute, BAM, Atlantic Terminal and Barclays Center deliver endless entertainment. Nearby G and C trains provide easy access to the rest of the city.
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