787 FRANKLIN AVENUE

For Sale - Brooklyn - Crown Heights

$7,700,000

Net Operating Income: $389,114

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Key Details

Property Type
Mixed Use
Neighborhood
Crown Heights
Property Dimensions
27.0 x 74.0
Property Area
5,994 sq.ft.
Total Units:
9
Stories:
5
NOI
$389,114
Price
$7,700,000
Price Per Unit
$855,555
Cap Rate
5.1%

Listing Description

B6 Real Estate Advisors has been retained on an exclusive basis to arrange for the sale of 787 Franklin Avenue, a five-story mixed-use building in the Crown Heights neighborhood of Brooklyn.
• The building has never been subject to rent regulation and is 100% free market. The building was converted from a 5-unit building via an Alteration Type 1 filing.
• As Tax Class 2B, the building is protected from egregious tax increases. An opinion letter from a tax attorney can be provided upon request.
• The units offer top of the line appliances, high ceilings with substantial light and air, hardwood floors throughout, and tenant-controlled HVAC systems.
• The residential unit mix includes three (3) 3-bedroom units, three (3) 2-bedroom units, one (1) 1-bedroom duplex and one (1) studio unit with a large terrace.
• Less than two blocks to the 2 - 3 - 4 - 5 - S Franklin Avenue station, providing access to Downtown Brooklyn and Manhattan within 15-20 minutes.
• Located on Crown Height’s premier retail corridor with the best local restaurants, bars, and local attractions, including Prospect Park, Brooklyn Public Library, Prospect Park Zoo, and the Brooklyn Botanical Gardens.

Property Details

Block/Lot:
1252/8
Lot Dimensions
27.0 x 90.5
Lot Area
2,444 sq.ft
Zoning:
R7A / C2-4
FAR as Built:
2.45
Max FAR:
4.0
D.J. JohnstonB6 Real Estate Advisors
Contact Agent View Setup

Sales & Transactions

AddressSale PriceSale DateProperty Type
203 ROCHESTER AVENUE$2,675,00007/25/2018Mixed Use
385 KINGSTON AVENUE$800,00006/20/2018Mixed Use
1524 ST JOHNS PL$950,00005/16/2018Mixed Use
262 KINGSTON$982,00005/15/2018Mixed Use
191 UTICA AVENUE$680,00005/15/2018Mixed Use
936 ATLANTIC AVENUE$1,250,00004/12/2018Mixed Use
958 ATLANTIC AVENUE$1,250,00004/12/2018Mixed Use
352 UTICA AVENUE$670,00004/12/2018Mixed Use
1525 ST JOHNS PLACE$999,00004/10/2018Mixed Use
162A UTICA AVENUE$1,100,00003/19/2018Mixed Use