2020 Sub-Rehab

A 2020 sub-rehab repositioned the pre-war mixed-use asset with a near gut-renovation which included fully upgraded building systems such as, a new roof, windows, electrical (with separate subpanels per unit), full plumbing replacement, and new water service. The interior has been reconfigured with new unit layouts, modern kitchens and bathrooms, insulation, and finishes, resulting in a fully modernized, turnkey building.

100% Free Market

All six residential units are Free-Market. This is a very attractive feature considering the strict regulatory environment and the passing of the HSTPA rent laws in June 2019.

Tax Class 2B

The Property is taxed under Tax Class 2B which includes rental apartment buildings (7–10 units) that receive protected, capped assessment increases. Assessments may not rise more than 8% annually or 30% over five years, providing higher net operating income to investors as compared to other larger, less protected properties.

Turnkey

This mixed-use asset is 100% occupied and offers an investor a turnkey investment opportunity with diversified income and durable cash flow.

Location

Positioned along a busy commercial corridor, the property benefits from strong foot traffic and proximity to neighborhood retail amenities. The asset is well-served by nearby subway lines [3 & L] lines and bus routes providing direct connectivity to Manhattan and Brooklyn.

Strong Commercial Tenant

This mixed-use asset benefits from strong commercial tenancy with a nail salon, Nail Perfect Lash, that recently completed a full-interior renovation to support long-term operations and enhance customer experience. Nail Perfect Lash, is secured under a long-term lease with approximately 10 years remaining providing stable in-place income.