Investment Overview

The Nowak Group of Marcus & Millichap has been retained on an exclusive basis to arrange the sale of 144 Montague Street a Brooklyn Heights 7,250 square foot mixed-use property located between Clinton Street and Henry Street. The asset consists of three apartments over two retail spaces. The property is built 25 ft x 52 ft with a 30 ft extension on the ground floor. It sits on a 25 ft x 100 ft lot. The ground floor and basement unit are currently owner occupied and will be delivered vacant at closing. The 2nd floor commercial space is leased to Brooklyn Poet with eight years remaining of a ten-year original term. The lease includes annual rent increases ranging between 3% and 5%. The apartments are floor through free-market 2-bedroom units, each comprised of approximately 1,100 square feet allowing for an easy reconfiguration to three or four-bedroom layouts. Two of the three apartments are fitted with a washer/dryer and a dishwasher. With the persistent strength of retail and apartment rents in Brooklyn Heights, 144 Montague affords investors the opportunity to purchase a cash-flowing building with significant value add potential. The property is situated in the Brooklyn Heights Historic District.