Commercial Observer | Al Barbarino
GFI Realty Services is marketing a four-story, 7,000-square-foot residential building at 377 South 1st Street in Williamsburg for $2.85 million, Commercial Observer has learned.
The property, made up of eight two-bedroom apartments, is two blocks east of the Brooklyn-Queens Expressway and two blocks west of the intersection between Grand Street and Union Avenue, near popular neighborhood hangout Barcade and a plethora of other restaurants and nightlife options.
Ever-increasing rents, pricing and an influx of “high-income individuals” into the neighborhood offer “immediate upside to potential buyers,” as the building’s rental rates are already below market value, the firm stated.
“This is an extremely well-maintained property that is fully occupied and surrounded by an abundance of highly anticipated redevelopment projects,” said GFI Realty’s Max Koshkerman, who is overseeing the marketing of the property.
“Two of the units in the building are free-market apartments, providing an excellent investment opportunity for both large-scale investors and local buyers seeking to break into the competitive Brooklyn market. The buyer of 377 South 1st Street will have the potential to raise the building’s rent roll by roughly 20 percent inside of a year.”
The property is also within walking distance to the Williamsburg Bridge and the L, J, M and Z subway lines.