
Adam Hess, TerraCRG
Brooklyn, NY TerraCRG has been retained to exclusively represent ownership in the sale of the corner mixed-use building at 425 Rogers Ave. in Prospect Lefferts Gardens. Adam Hess, partner at TerraCRG, is leading his team in marketing this six-unit property.
This offering presents a unique opportunity to acquire a corner building with over 106 feet of retail frontage in close proximity to Prospect Park.
The 10,950 s/f walk-up is comprised of four large 2-bedroom apartments and two retail spaces. One of the retail spaces is occupied by a ~5,500 s/f day care facility on the first two floors and a physical therapy office occupies the second retail space on the corner. The property grosses $219,852 annually and the asking price equates to just $297 per s/f and a 5.5% CAP rate.
There is an upside in the asset in both the income and the neighborhood. Residential rents in the unit are averaging only $24/SF in a market that is quickly exceeding the $40 per s/f level. New luxury developments in the area, such as Hudson Companies’ 254-unit residential tower at 626 Flatbush Ave., 123 Parkside, 111 Clarkson Ave. and the 56 luxury units at 271 Lenox Rd. are just one block away and are expected to continue to attract the influx of young students and families seeking housing close to Prospect Park.
"Prospect Lefferts Gardens is one of the fastest growing neighborhoods around the park and is still continuing to mature. Residents from all boroughs are moving to the area for its close proximity to Prospect Park, quick and easy access to transportation and housing affordability,” said Sam Shalumov, a lead broker on this transaction and associate vice president at TerraCRG. “425 Rogers Ave. is one of only handful of large mixed-use buildings along Rogers Avenue that provides an opportunity for investors to create a space to cater to the growing population."