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Multifamily

122-156 McGuinness Boulevard & 143 Norman Avenue

122-156 McGuinness Boulevard & 143 Norman Avenue, Brooklyn, NY 11222

Listing Price: $25,000,000

Cap Rate
3.38%
Number of Units
27
Price/Unit
$925,926
Price/Gross SF
$821.02
Gross SF
30,450

Investment Overview

Marcus & Millichap has been retained on an exclusive basis to arrange the sale of 122-156 McGuinness Boulevard, an assemblage of nine (9) Three-Family structures, each consisting of one 1BR unit and two 3BR units, located from the corner of Norman Avenue, running north almost entirely to Meserole Avenue – Five Hundred Feet of frontage! The property is located in the thriving Greenpoint section of Brooklyn, NY. It is built on an assemblage of tax lots totaling 21,977 square feet, which allows for 43,954 square feet of buildable space, given its R6B Zoning designation. Taking into account that the existing buildings currently total 33,065 sq feet, and the property has an open lot of 5,900 square feet – this allows for investors to also capitalize on an additional 10,889 square feet of buildable square footage as-of right. This assemblage is superbly located just three blocks from the Nassau Avenue “G” subway station. It is also a less than a half mile from the McGuinness Boulevard exit of the BQE. Investors have the unique opportunity to purchase this professionally managed and excellently maintained, primely located, cash flowing asset with additional development potential in one of the most vibrant and thriving neighborhoods in Brooklyn. The area sports an eclectic variety of restaurants, such as Norman, Karczma, Greenpoint Fish & Lobster Co., and Le Fond, as well as popular spots for after dinner recreation like The Gutter, Spritzenhaus and Bar Matchless. The property is also conveniently situated between McCarren and McGolrick Parks . The purchaser can capitalize on the close proximity to public transportation as well as the highly trafficked Nassau Avenue and Manhattan Avenue retail corridors. Greenpoint vacancy rates are among the lowest in the city, appropriately demanding some of the highest rental rates in Brooklyn as a result.

Investment Highlights

  • Unique Opportunity – 27 Free Market Units w/ Parking and Addt'l Development Rights in Greenpoint
  • Cash Flowing Multifamily Assemblage & Adjacent Parking Lot
  • Ten Tax Lots with Nine Multifamily Buildings each in Tax Class 1
  • 33,065 Total Rentable Square Feet
  • Unit Mix – Nine 1BR Units, Eighteen 3BR Units
  • A 17 Garage Parking Spaces & 22 Outdoor Parking Spaces

Exclusively Listed By

Multifamily

122-156 McGuinness Boulevard & 143 Norman Avenue

Listing Price: $25,000,000

Cap Rate
3.38%
Number of Units
27
Price/Unit
$925,926
Price/Gross SF
$821.02
Gross SF
30,450

Investment Highlights

  • Unique Opportunity – 27 Free Market Units w/ Parking and Addt'l Development Rights in Greenpoint
  • Cash Flowing Multifamily Assemblage & Adjacent Parking Lot
  • Ten Tax Lots with Nine Multifamily Buildings each in Tax Class 1
  • 33,065 Total Rentable Square Feet
  • Unit Mix – Nine 1BR Units, Eighteen 3BR Units
  • A 17 Garage Parking Spaces & 22 Outdoor Parking Spaces

Investment Overview

Marcus & Millichap has been retained on an exclusive basis to arrange the sale of 122-156 McGuinness Boulevard, an assemblage of nine (9) Three-Family structures, each consisting of one 1BR unit and two 3BR units, located from the corner of Norman Avenue, running north almost entirely to Meserole Avenue – Five Hundred Feet of frontage! The property is located in the thriving Greenpoint section of Brooklyn, NY. It is built on an assemblage of tax lots totaling 21,977 square feet, which allows for 43,954 square feet of buildable space, given its R6B Zoning designation. Taking into account that the existing buildings currently total 33,065 sq feet, and the property has an open lot of 5,900 square feet – this allows for investors to also capitalize on an additional 10,889 square feet of buildable square footage as-of right. This assemblage is superbly located just three blocks from the Nassau Avenue “G” subway station. It is also a less than a half mile from the McGuinness Boulevard exit of the BQE. Investors have the unique opportunity to purchase this professionally managed and excellently maintained, primely located, cash flowing asset with additional development potential in one of the most vibrant and thriving neighborhoods in Brooklyn. The area sports an eclectic variety of restaurants, such as Norman, Karczma, Greenpoint Fish & Lobster Co., and Le Fond, as well as popular spots for after dinner recreation like The Gutter, Spritzenhaus and Bar Matchless. The property is also conveniently situated between McCarren and McGolrick Parks . The purchaser can capitalize on the close proximity to public transportation as well as the highly trafficked Nassau Avenue and Manhattan Avenue retail corridors. Greenpoint vacancy rates are among the lowest in the city, appropriately demanding some of the highest rental rates in Brooklyn as a result.

Exclusively Listed By

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