1153 and 1159 President Street (btwn Rogers and Nostrand) are next.

Have $12.5M? This could be yours!


Photo: loopnet

From the text below, it sounds as if the current owners have flipped several units and left the rest for the next owners.

quote:
"TerraCRG has been retained to exclusively represent ownership in the sale of 1153 & 1159 President Street. The two contiguous buildings are located between Rogers Avenue and Nostrand Avenue in the Crown Heights neighborhood of Brooklyn.

The two buildings consist of 41 residential units, total over 42,000 SF and produces a gross annual income of ~$877,000. Thirteen of the 41 residential units are free market and have been gut renovated with high-end rental finishes. The renovated units are mostly rented to the large influx of students and roommates seeking housing in Crown Heights. The buildings have large apartments with a mix of 19 two bedroom units, 16 three bedroom units and 6 four bedroom units.

There is significant upside in the building as 28 of the 41 units are rent-stabilized. The average rent for the stabilized 4 bedroom units is $906, the 3 bedroom units $1,240 and the 2 bedroom units $1,307. Across the buildings, the rents average less than ~$25/SF in a neighborhood where renovated units can achieve over $45/SF.

Crown Heights has seen tremendous transformation over the last decade with many condo developments, strong retail and a robust brownstone sales market. In the past few years, rents have risen from $20/SF to $40/SF and are quickly approaching $45/SF.

The property is within walking distance of the Brooklyn Botanic Gardens, Prospect Park, The Brooklyn Museum as well the Prospect Park Zoo. The 2, 3, 4 and 5 trains are all within short walking distance of the property. The building is also conveniently located just two blocks from Eastern Parkway, one of Brooklyn’s main commercial corridors and a key vehicular access point to all surrounding neighborhoods in the borough.

Setup: http://www.terracrg.com/setups/1153_&_1159_President_Street.pdf

For more information on this property or to speak about a property you are involved in please email me or call me at 718-310-3296 or email me at [email protected].

Adam

Adam J. Hess | Partner | TerraCRG | 592 Pacific Street, Suite B | Brooklyn, NY 11217
T: 718-310-3296 | F: 347-923-3232 | [email protected] | www.terracrg.com"
endquote

Here's what the units that have been flipped look like: http://www.zillow.com/homedetails/1159-President-St-APT-3D-Brooklyn-NY-11225/2117751093_zpid/