BOOM!Projected 5.8% Cap Rate!!
144 Atlantic Ave is a massive 21' wide mixed-use townhouse at the crossroads of Brooklyn Heights and Cobble Hill. At approximately 4650 SF, this four story townhouse consists of three large free market apartments and one high value retail space. This offering presents a substantial opportunity for an investor.
The retail space is fully built out as a Mexican Lebanese restaurant with high ceilings and bonus cellar storage that contains a walk in fridge and freezer and other additional storage and accessory use spaces. The restaurant is over 1000 SF (approx.) with another 21000+ SF of bonus cellar space. This strip of Atlantic Ave has an abundance of restaurants, boutiques, and grocery stores that draw in high foot traffic. 144 Atlantic Ave is just steps from local neighborhood favorites such as Sahadi's, Trader Joe's, Boutrous and much much more.
Above the retail space is three apartments, each with extra tall ceilings, and original Brooklyn townhouse charm.
The first residential unit is a newly renovated 3 Bed 1 Bath apartment with tons of charm and light and a clever layout The other 2nd floor 3 Bed 1 Bath units provide a value add opportunity for a buyer to renovate and increase the rents. Top floor is completely renovated with a tasteful finish and charm! Each floor is approximately 1175 SF. High income potential. Please inquire for offering memorandum.
Building is fully occupied.
This offering is priced to sell at under $909/SF in an area where townhouses easily go for over $1,400/SF.
Projected 5.8% Cap Rate.
Configuration:
Cellar: Accessory Use Space
1st Floor: Restaurant - Lease expires in 2 years
2nd Floor: 3 BR 1 BA no lease
3rd Floor: 3 BR 1 BA no lease
4th Floor: 3 BR 1 BA no lease
Transportation:
- Borough Hall 2/3 & 4/5 Line - Just 15 minutes into Lower Manhattan
- Court Street Station N/R/W Line - Just 20 minutes into Lower Manhattan
- Bergen St F/G Line - Just 30 minutes into Midtown
New Roof , Electrical and pluming was updated in the last 10 years and all up to code!
this is your opportunity to own a real piece of commercial landmark!