Listed by Marcus & Millichap - Manhattan
$6,250,000
136 Franklin Street
Details
Property Type Multifamily, Mixed Use
Sub Type Apartment Building
Square Footage 4,753
Units 4
Cap Rate 5.10%
NOI $318,750
Occupancy 100%
Tenancy Single
Pro-Forma Cap Rate 5.30%
Price per SqFt $1,315
Year Built 1930
Buildings 1
Stories 4
Lot Size (SqFt) 1,639
Zoning R6A, C2-4
Investment Type Stabilized
Ground Lease No
Multifamily | 4 Units | $1,562,500/unit
Investment highlights
- Fully Gut Renovated, 100% Leased Mixed Use Building
- Located on the Best Retail Block in Greenpoint (Franklin btwn Greenpoint Avenue & Milton Street) and one of the best retail blocks in all of Brooklyn
- Comparable location profile to Berry Street and N 6th in Williamsburg or Bleecker Street in the West Village
- Building occupied by Van Leeuwen Ice Cream with lease expiring in 2034 providing long term stability in the retail
- Apartments on 2nd through 4th Floor are three bedrooms units | Significant upside in rents upon lease expiration
- Brand New Certificate of Occupancy in August 2025 | Property is Exempt from Good Cause Eviction Law
- There are over 5,000 luxury units that are under construction or will be completed over the next 5 years in a 5 block radius from the property which will further entrench this block as the premier retail destination in Greenpoint with a path to achieve N 6th and Berry Street-esque retail leasing price PSF over the next 5 to 7 years (i.e. $250+ PSF).
- One Block to the G Train at Greenpoint Avenue | 5 Minute walk to Ferry at India Street
Listing Contacts
Listed by Marcus & Millichap - Manhattan
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$318,750.00
$26,562.50/mo
Valuation Metrics
0
DSCR
5.1%
Cap Rate
5.1%
ROI
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