- Price Per Square Foot: $692
- Price Per Unit: $642,857
- Total Square Feet: 19,500
- Total Units: 21
- Current Cap Rate: 4.7%
- Current GRM: 18.6
- Pro Forma Cap Rate: 4.9%
- Pro Forma GRM: 17.8
387 Manhattan Ave, Brooklyn, NY 11211
Asset Commercial Realty Group and New York Multifamily has been exclusively retained to
market 387 Manhattan Avenue, in the East Williamsburg/Greenpoint
neighborhood of Brooklyn.
The newly 2017 constructed mixed-use building holds roughly 19,500
square feet and a total of 21 units with a total of two (2) studios and
eighteen (18) one-bedrooms. The units are very spacious with large
layouts; over-sized floor-to-ceiling windows, custom recessed lighting,
marble bathrooms, and gourmet kitchens featuring marble counter-tops,
stainless steel appliances and abundant cabinet space.
The elevatored building has additional amenities such as a shared
roof-deck, on-site parking (total of six units), a bike room, on-site
laundry room, and state of the art voice intercom system.
The building is also well positioned with great access to public
transportation such as a couple blocks from the subway lines [G] &
[L], buses, and highways such as the Brooklyn Queens Expressway.
Collectively, the property produces a gross income of $705,528 with a
total expense of $74,971 and yields a Net Operating Income (NOI) of
Ownership has set the asking price at $13,500,000 which reflects a
4.7% CAP Rate.